End of the 72t term

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L1: End of the 72t termI currently participate in the 72t distribution program. I turn 59 1/2 on July 12 2018. My question is this, can I take additional funds out in that calendar year 2018 or do I need to wait until 2019? Thank you2017-02-26 22:21, By: JohnnyG, IP: []
L2: End of the 72t termIf your plan ends at 59.5, after that date you can take out as little or as much as you want. If you take distributions after 59.5, you will get a separate 1099R for those distributions with code 7 in Box 7. You do not need to wait until 2019.
You also need to be sure to take out an allowed amount in 2018 before 59.5.
2017-02-27 00:29, By: Alan S, IP: []

L3: End of the 72t termAlan S
Many thanks for your prompt response and my slow uptake on your answer.
I have to take my hat off to you, GFW and the others who provide insight here.
I “retired” in 2010 and began taking SEPP’s from four (4) IRA’s I had set up with the proceeds of my lump sum pension, 401k and MPB from my union with guidance from this site. I had another SEPP I started when I was 35 to fund a universal insurance plan as well but that went bankrupt after about 20 years of distributions but it did what I needed to do.
Now that I’m closing in on my 59.5 date, I wanted to know when I could take more/less or the same funds without busting my plan. Appreciate all your good intel over the last 9+ years. Thanks again.
2017-05-19 11:39, By: johnnyg, IP: []

L4: End of the 72t termFor 2018, your options need to be broken down for the period before you reach 59.5 and after:
1) Prior to 59.5, you can take out either your full annual SEPP distribution, 50% of your annual SEPP, or nothing. So 3 options.
2) After 59.5, you can take out any amount you wish.
2017-05-20 01:43, By: Alan S, IP: []

L2: End of the 72t termJohnnyG… when did you plan start? the date of the 1st distribution? What is your date of birth?2017-02-27 01:08, By: Gfw, IP: []

L3: End of the 72t termStarted Plan in 2010
First Distribution 10 March 2010
DOB 1-12-59
Sorry this took so long to get back to you GFW2017-05-12 10:59, By: JOHNNYG, IP: []

L3: End of the 72t termPlan start 2010
First Distribution 3/2010
DOB 1-12-1959
Thank you GFw2017-05-12 11:42, By: JohnnyG, IP: []