Getting out of my 72T Program

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L1: Getting out of my 72T ProgramI have been in my 72T program since I retired at the age of 48 in Nov of 2001.
My birthday is November 15, 1951 so I will be 59 and a half on May 15th of
this year. When is the actual date that I can stop and withdraw from my 72T
program without the 10 percent penalty and how do I go about changing
my automatic withdrawal amount?2011-04-24 20:53, By: akscarbo, IP: []

L2: Getting out of my 72T ProgramFirst, if your DOB is correct, then you could not have been 48 in Nov of 2001.
Your 72t plan will end on 5/17/2011 allowing a couple days for safety margin. Your first priority right now is to be sure that your 2011 distributions meet one of the following options for your final stub year:
1) Distribute nothing prior to 5/17
2) Distribute 4 monthly payments prior to 5/17
3) Distribute your full annual payment prior to 5/17
Any distributions other than one of the above options will bust your plan.
After 5/17 you can do anything you wish including taking different penalty free distributions or taking out nothing to preserve your retirement assets. You do not have to contact your custodian unless you wish to change or stop the distributions. Depending on the date of your distributions, you may get two 1099R forms for 2011. If one of them is coded 1, you will need a 5329 to change that coding to exception “02”.

2011-04-25 00:18, By: Alan S., IP: []