My 5 yr period is over next year, I want to change the payment, so what to do?

L1: My 5 yr period is over next year, I want to change the payment, so what to do?I started a monthly SEPP in July, 2012. I was born in February, 1958, which means I turn 59.5 in August 2017; so I can end the SEPP having received 62 payments. However, I plan to continue receiving a monthly distribution but I want to actually increasethe amount in September, 2017. If I leave it in the same IRA then the year end 1099R will obviously be different than the previous years. Is that okay? Is there any additional paper work I need to plan for?
Thank you,
WW2016-03-18 21:06, By: Winters Wisdom, IP: [99.51.65.162]

L2: My 5 yr period is over next year, I want to change the payment, so what to do?Have you been receiving code 1 on your 1099R requiring you to file a 5329 each year?
Will your August distribution be made before or after you turn 59.5?
2016-03-19 21:06, By: Alan S, IP: [160.3.87.235]

L3: My 5 yr period is over next year, I want to change the payment, so what to do?The 1099, Box 7 is coded with a 2. The monthly distribution is paid prior to my 1/2 birthday (i.e. before I turn 59.5).2016-03-22 16:50, By: Winters Wisdom, IP: [99.51.65.162]

L4: My 5 yr period is over next year, I want to change the payment, so what to do?You should get a 1099R coded 2 for the total of all distributions you make through August, and a second 1099R coded 7 for all distributions you take after reaching 59.5. You only need to file the 5329 if you get a 1 code on a 1099R, and there is no reason to expect that. Your plan ends when you reach 59.5, so you can change the amount and frequency of your distributions after that date. There is nothing else you need to do with respect to ending the plan or reporting the end of the plan.
If you happen to receive different coding on the 1099R forms next January, you can post further questions here at that time.2016-03-22 17:40, By: Alan S, IP: [160.3.87.235]

L5: My 5 yr period is over next year, I want to change the payment, so what to do?Thank you. I will talk with the custodian about getting this done.2016-03-23 15:12, By: Winters Wisdom, IP: [99.51.65.162]