sepp_72t_payment
72(t) SEPP payment
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The annual 72(t) substantially equal periodic payment under all three IRS methods in Notice 2022-6: fixed amortization, fixed annuitization and required minimum distribution, using the 2022 life-expectancy and mortality tables. Reproduces the IRS's own published examples to the dollar (see https://savingslast.com/72t-calculator-test-cases/). Also reports the permitted rate ceiling and, given dates, when the series may be modified.
Input schema
| Property | Type | Required | Description |
|---|---|---|---|
| balance | number | yes | Account balance in dollars on the statement date used for the series. |
| age | integer | yes | Owner's age on their birthday in the year of the first payment. |
| interest_rate | number | no | Interest rate in percent for the fixed amortization and annuitization methods. 5% is always permitted; a higher rate needs federal_midterm_120. Default 5. |
| method | string | no | Which of the three Notice 2022-6 methods to headline. All three are returned. Default amortization. |
| table | string | no | Life expectancy table: single (Single Life, the largest payment), uniform (Uniform Lifetime) or joint (Joint and Last Survivor, needs beneficiary_age). Default single. |
| beneficiary_age | integer | no | Designated beneficiary's age on their birthday in the distribution year. Required for the joint table. |
| joint_factor | number | no | Optional: the Joint and Last Survivor Table entry for the two ages, from 26 CFR 1.401(a)(9)-9(d), if you have it. |
| federal_midterm_120 | number | no | Optional: 120% of the federal mid-term rate, in percent, for one of the two months before the first payment. Raises the permitted rate ceiling above 5%. |
| birth_date | string | no | Optional, YYYY-MM-DD. With first_payment_date, gives the date the series may be modified without penalty. |
| first_payment_date | string | no | Optional, YYYY-MM-DD. Date of the first distribution in the series. |
Raw JSON schema
{
"type": "object",
"properties": {
"balance": {
"type": "number",
"description": "Account balance in dollars on the statement date used for the series."
},
"age": {
"type": "integer",
"description": "Owner's age on their birthday in the year of the first payment."
},
"interest_rate": {
"type": "number",
"description": "Interest rate in percent for the fixed amortization and annuitization methods. 5% is always permitted; a higher rate needs federal_midterm_120. Default 5."
},
"method": {
"type": "string",
"enum": [
"amortization",
"annuitization",
"rmd"
],
"description": "Which of the three Notice 2022-6 methods to headline. All three are returned. Default amortization."
},
"table": {
"type": "string",
"enum": [
"single",
"uniform",
"joint"
],
"description": "Life expectancy table: single (Single Life, the largest payment), uniform (Uniform Lifetime) or joint (Joint and Last Survivor, needs beneficiary_age). Default single."
},
"beneficiary_age": {
"type": "integer",
"description": "Designated beneficiary's age on their birthday in the distribution year. Required for the joint table."
},
"joint_factor": {
"type": "number",
"description": "Optional: the Joint and Last Survivor Table entry for the two ages, from 26 CFR 1.401(a)(9)-9(d), if you have it."
},
"federal_midterm_120": {
"type": "number",
"description": "Optional: 120% of the federal mid-term rate, in percent, for one of the two months before the first payment. Raises the permitted rate ceiling above 5%."
},
"birth_date": {
"type": "string",
"description": "Optional, YYYY-MM-DD. With first_payment_date, gives the date the series may be modified without penalty."
},
"first_payment_date": {
"type": "string",
"description": "Optional, YYYY-MM-DD. Date of the first distribution in the series."
}
},
"required": [
"balance",
"age"
]
}