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When i complete the 5th year of sepp distributions on April 15 2022 when then can i withdraw additional funds? next day?
Have to wait till next April 15 2023?
I will be 59.5 on Dec 18 2020. Thanks.
I assume that you started with the first distribution on 4.15/2017. Accordingly, your 60 months ends on 4/15/2022.
You could start taking any amount, or -0-, tarting on 4/16/2022, bt I would suggest waiting until 5/1/2022. Of course, before you take any additional distributions after 4/15/2022, I suggest that you meet with your tax advisor or financial planner to discuss your 2022 tax situation, and to consider your complete retirement and Estate planning situation, especially in light off the 2018 SECURE ACT which has changed the plans of many taxpayers.
No my first distribution was 4/15 2018, 2nd 4/15 2019, 3rd just this past 4/15/2020, so 4th year is '21, 5th '22.
So are you saying 4/16/22(or shortly thereafter) i can go to hell with myself (and my money) LOL.
Thank you for the quick reply.
Your basic assumption is INCORRECT. We often get postings with the same misunderstanding.
The rule is NOT 5 DISTRIBUTIONS, but rather 5 YEARS (60 MONTHS) between your FIRST distribution and the end of your SEPP 72-T plan. Since you said that your first distribution was 4/15/2018, then your plan does not end until 4/15/2023 !!!!
ok got it thanks for clarifying that.
