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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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If anybody is there... I was involved with a foreclosure in

Customer Question

Hello, if anybody is there... I was involved with a foreclosure in May of 2015. It was a Countrywide Loan back in 2006. I suspect according to a (Forensic Audit) I paid for at Scrutinization Audit Pro, from Calif. Shows the trial of MERS used and Scrutinized to Wall-Street. Thus now Breaking the Chain Of Title. I believe that is now called or referred to a Clouded Title? In any case there was a Quite Title done without my knowledge, now BofA has put the Chain back together again. I was now observed to go Pro Se' to defend my property. Instead well known Attorney's who work with the local Courthouse seemed to have leverage and I was not observed. Suddenly the WRIT was enforced / horrifying. Now left to be homeless, like so many others living in there cars. However I had a 401k retirement / luckily. I bought a small Condo for a roof over our heads. I took out about $100,000.00. $80,000 for the Condo and $20,000 for the IRS penalties. What did this do? A tax adjustable gross income. Now owing the state of Wisconsin and the IRS. I heard about a 72T, but that might be for 55-591/2. Not sure. Regardless there is a horror story that is attached to this whole scenario, trust me. Under the circumstances is it possible to have my taxes amended for any hardship, I believe I was involved in? This is just a taste of what went on in the corruption and disloyalty in the County I lived in for 22 years in Wisconsin. Sincerely.
Submitted: 9 months ago.
Category: Tax
Expert:  Mark Taylor replied 9 months ago.

Hi, ,my name is***** will be happy to help you with your questions. I am sorry that you have gone through this situation. 72T is for a Series of Substantially Equal Payments. This would be based on the size of your 401k and age. There are a three ways to determine the payment.

Customer: replied 9 months ago.
Hi Mark, what are the three ways? Are you a Certified CPA? I have been duped by predatory lending and have gone through much anguish. This resulted to Wisconsin being not friendly and just as dishonest as the Predatory Lenders. Ever see two movies one / 99 homes? The other the Big Short? If not, please do so. It will explain the horror story much of what I Have been through. Now to rely on my 401k as last option to help, before I have to live in our car at a park 'n ride. I was severely penalized using my 401k, to put a roof over our heads. Would a 72t been the answer? Or any other options I should have known about to help in this crisis? This whole this is bunk... Now I look like the bad guy because of the Countrywide and Bofa. Sincerely, L.B.
Customer: replied 9 months ago.
I'm 63 years old on SSDI, my Wife has intentions of retiring soon, at 63 on SSI. Our gross income will be much less.
Expert:  Mark Taylor replied 9 months ago.

Sorry my prior post was cut off. I apologize about that. Here are the three methods.

The Required Minimum Distribution calculates the specific amount that you must withdraw from your IRA (or other retirement plan) each year. The calculation is based upon your account balance at the end of the previous year, divided by the life expectancy factor from one of the following three tables: the Single Life Expectancy table, the Uniform Lifetime table, or Joint Life and Last Survivor Expectancy table , using the age you have reached (or will reach) for that year. This annual amount will be different each year.

The second method, the Fixed Amortization Method is calculated by determining the annual payment under this method requires that you then create an amortization schedule over a specified number of years. The number of years for your calculation is equal to your life expectancy factor from either the Single Life Expectancy table, the Uniform Lifetime table, or Joint Life and Last Survivor Expectancy table , using the age you have reached (or will reach) for that year.

Expert:  Mark Taylor replied 9 months ago.

I have not seen those movies. I will have to try to watch them. Yes, I am a CPA. If you are 63 now, you should have been older than 59 1/2 when the distributions were made. This means that you are not subject to the early distribution penalty.

Expert:  Mark Taylor replied 9 months ago.

The IRS distribution would still be taxable but the penalty would not apply. If you are over 59 1/2 you do not need to work about 72T payments.