When does the 5 year period end on a SEPP

L1: When does the 5 year period end on a SEPPRetiree date of birth – 5/17/1956
Date of First Distribution – 6/15/2013.
Retiree is now 61 and has had 5 equal distributions fromhis/her IRA under 72t rules. The 5th distribution occurred on 6/15/2017. The company holding the IRA is showing a 6th distribution on 6/15/2018 equal to the 5 previous distributions. Based on the FAQs the 5 year period ends at the end of the 5th year from the initial distribution. By my calculation that would be 6/14/2018; therefore, the retiree should be able to modify the distribution that should occur on 6/15/2018 to any amounthe/she desires. Am I correct orshould the 6/15/2018 distribution be equal to the 5 previous distributions to avoid the 10% penalty?2017-09-15 20:25, By: grammymidge, IP: [45.22.150.128]

L2: When does the 5 year period end on a SEPPBased on the information provided, you are right – the 5 year period would end on 6/14/2018.
After that he can take stop all payments or take what he wants until he is subject to the minimum distribution rules.2017-09-15 20:57, By: Gfw, IP: [216.80.120.234]

L3: When does the 5 year period end on a SEPPIf you take a distribution after 6/14/2018, I think you should get 2 1099-R forms for 2018. One for any SEPP distributions thru 6/14, and a 2nd one for any distributions from 6/15/2018 thru 12/31/2018. Starting in 2019 you would get only a single 1099-R, and only if you took any distributions.2017-09-15 21:09, By: dlzallestaxes, IP: [173.75.252.16]

L3: When does the 5 year period end on a SEPPGFW,
Thank you for your reply and support that the last date of the 5 year period would be 6/14/2018. So therefore the1st modification date would be 6/15/2018. With that said, I hate to bring this up, butafter posting my question I found the calculator which determines the modificationdateon the parent site of this forum and it showed a date of 6/16/2018.Does the calculator need to be fixed or in subsequent review is the date given by the calculator correct?2017-09-16 00:16, By: grammymidge, IP: [45.22.150.128]

L4: When does the 5 year period end on a SEPPOur calculator is correct. You must have done yours manually. I missed your error in the posting. My bad.
5 years means the same date, so the 1st modification date is the NEXT DAY 5 years after the 1st distribution.2017-09-16 00:24, By: dlzallestaxes, IP: [173.75.252.16]

L5: When does the 5 year period end on a SEPPdlzallestaxes,
Thank you forconfirming that the calculator iscorrect. I have to wonder though with a year being 365 days why woulda person have to waituntil day 2 of the 6th year (2 days after the 5th year ended)before making a modification of the distributionwhen he/she is older than 59-1/2?2017-09-16 00:46, By: grammymidge, IP: [45.22.150.128]

L6: When does the 5 year period end on a SEPPThe calculator looks at days between dates and 2016 was a leap year. Just being a little more cautious. If you disagree with the calculator, merely pick the date that you want.2017-09-16 01:28, By: Gfw, IP: [216.80.120.234]

L7: When does the 5 year period end on a SEPPBut then don’t blame us if the IRS does not agree with you, and makes you pay the 10% penalty RETROACTIVELY on the entire accumulation of all of the distributions since inception, just because YOU decided you didn’t want to wait 1 more day !!!!2017-09-16 05:20, By: dlzallestaxes, IP: [173.75.252.16]