L1: Last paymentReally enjoy this site and thank you for hosting it. DOB: 1/14/1955 Date of 1st payment 5/1/2009 Payments are made monthly, the 1st of each month. Since I turn 59.5 after the 5 years has passed, that would apply. What would be my last payment date; July 1 or August 1, 2014? Thanks. Fran2014-06-27 02:16, By: FranG, IP: [188.8.131.52]
L2: Last paymentTry the calculator on this site: Click on CALCULATORS at top, then click on SEPP CALCULATORS, then choose LAST PAYMENT DATE and plug in your dates, then press CALCULATE above that. I got a date in mid July 2014 that is after your July 1st payment.2014-06-27 03:10, By: Ken, IP: [184.108.40.206]
L3: Last paymentBecause this plan runs longer than 5 years you can do 3 things in your final year.
Take nothing at all
Take 7 monthy payments
Take the entire annual sum prior to 7/15/2014, and anything you want after this date, because the plan expires. The custodian should then seperate an code your 1099R’s properly after this date.2014-06-27 19:20, By: Scott, IP: [220.127.116.11]
L4: Last paymentScott, the 3 options would normally apply, but because the plan modification date is so close to the 5 year date, taking nothing in 2014 would result in only 56 monthly payments being made. Therefore, in this particular caseOP should stick with the other two options and better yet should just terminate the monthly payments right after the July payment unlessOP needs them to continue.2014-06-28 03:48, By: Alan S, IP: [18.104.22.168]
L5: Last paymentYou are right Alan, and thank you for the correction.2014-06-28 19:59, By: Scott, IP: [22.214.171.124]