5 Year Provision

L1: 5 Year ProvisionI have taken SEPP distributions since 1998 and have 3 1/2 years until I reach age 59 1/2 . If I recalculate using the amortization metthod and modify(change) the distribution under Rule 2002-62 does the 5 year clock start again or can I continue to use age 59 1/2 as the end of SEPP?
Thank You,
Mark2003-02-06 10:55, By: Mark, IP: [127.0.0.1]

L2: 5 Year ProvisionI have taken SEPP distributions since 1998 and have 3 1/2 years until I reach age 59 1/2 .
So you have completed (or almost depending on when you started in 1998) your 5 years, but are not yet 59 1/2.
If I recalculate using the amortization metthod and modify(change) the distribution under Rule 2002-62
This is not allowed. If you “recalculate” meaning elect to make the one-time change, it can only be done to the RMD mehtod.
does the 5 year clock start again or can I continue to use age 59 1/2 as the end of SEPP
Assuming you elect the one time change tot he RMD moethod, the clock does NOT reset ro restart; therefore, you would be done @ age 59 1/2.
TheBadger
wjstecker@wispertel.net
2003-02-06 11:07, By: TheBadger, IP: [127.0.0.1]