591/2 withdrawal year

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L1: 591/2 withdrawal yearI make my 72T contribution in February every year. I will be 59 1/2 on 9/26/11. So I will make a 72T payment in February 2011 (this will be my 6th 72T withdrawal from my IRA). Am I correct in thinking that the February 2011 payment would be my last payment even though I will not be 59 1/2 until 9/26/11? If so, can I take additional IRA money (in addition to my February 2011 72T withdrawal) out of my IRA on or after 9/26/11?2011-03-20 15:02, By: David, IP: []
L2: 591/2 withdrawal yearProviding you have met the 5-year rule, in 2011 you can take nothing or take the full distribution amount. After you turn 59.5 you can pretty much do what you want in terms of distributions. You should receive 2 1099 forms for 2011 – one for the period before age 59.5 and a second for the period after age 59.5.Just make sure that you have met the 5-year rule.2011-03-20 15:41, By: Gfw, IP: []

L3: 591/2 withdrawal yearGfw:
It would be great if custodians would issue two 1099s for the year in which their IRA / SEPP clients turn 59.5. This is the reasonable and logical way to proceed, IMHO. Unfortunately, at least some (most?) of them will not do this. Instead, they issue a single 1099 and then leave it to the client to thrash it out with the IRS. Vanguard is my custodian and while they are very good over-all, they would not issue two 1099s for the same account in the same year. We discussed this at length but the result was still one 1099 for me in tax year 2009. I never did figure out why this was a problem for them. I am sure that their computers will spit out anything that Vanguard’s programmers tell them to produce. The comment that kept coming back to me was “our system simply doesn’t work that way”. My comment was, “so change the system until it does”, but apparently that fell upon deaf ears. At least I am now past that speed-bump and am getting 1099s that are coded with a “7” for distribution type.
Ed2011-03-20 18:07, By: Ed_B, IP: []

L2: 591/2 withdrawal yearJust to clarify, I think that you meant to say that you “take your DISTRIBUTION in February every year”, not that you “make your CONTRIBUTION in February every year>2011-03-20 17:41, By: dlzallestaxes, IP: []