How Many Distributions??

L1: How Many Distributions??I intend to use 72(t) to begin withdrawing funds from my IRA.
I will be 59 1/2 on 08/01/08. I plan to take my first withdrawal 08/05/03.
Questions:
(1) If I take annual August distributions, can I take 5(2003-2007) or must I take 6 (2003-2008)?
(2) If I take monthly distributions, is my final withdrawal in July 2008 (60 monthly payments)?

I get very confused about the meaning of the term “year” – is it 5 calendar years from the date of the 1st withdrawal, or 5 tax years beginning in the year of the 1st withdrawal?2003-07-03 13:34, By: Dave, IP: [127.0.0.1]

L2: How Many Distributions??Look in the menu on the left at http://72t.net for the Last Payment Date calcuator – after you enter the exact information for your situation, it will give you the answer that you are looking for. 2003-07-03 13:49, By: Gfw, IP: [127.0.0.1]

L2: How Many Distributions??Thanks Gfw.
If I understand this correctly: Since the end of the 5th payment year will be 08/04/08, but I turn 59 1/2 on 08/01/08, then the 5 year rule applies to me.
I would then conclude that my 5th, and final, annual payment would be August 2007. No distribution would be required in tax year 2008.
Please let me know if I finally have it right. Thanks.
2003-07-03 17:04, By: Dave, IP: [127.0.0.1]