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72T – 5 Year Ending Date

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ByJake

L1: 72T – 5 Year Ending DateI started receiving a 72T monthly distribution on Sept. 2006. My last monthly distribution to satisfy the 5 year rule would be Aug. 2011 (60 months). Does that satisfy the 5 year rule or must I wait until Jan. 2012 to change my distribution and/or withdraw additional money from my IRA account ? Thank You.2011-02-28 20:38, By: Jake, IP: [98.225.187.233]
L2: 72T – 5 Year Ending DateAssuming you also meet the “at least 59 1/2 age”criteria after 5 yrs of payments, your 72t expiresfive yearsafter the first payment was received. Best way to compute the exact date it ends is to use the calculator on this site, andplug in your particulars to see when “first modification date” occurs. It shdbe a date in Sept 2011. After that date, you can make changes to your payments, or add money to the IRA in the 72t plan.Keep statements for the 72t payments received by month in 2011, just in case you have to prove to IRS that you met the 5th yr $$ requirement for withdrawals, since the 1099 at year end may be differentthan the 72t plan called for each year. Ken2011-02-28 21:55, By: Ken, IP: [71.192.121.212]

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