must payment dates be exact?

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L1: must payment dates be exact?9/4/08
I”m receiving 72(t) SEPP payments once each year on August 31st. I just received my 5th annual payment dated 8/29/08 (last business day before exact date chosen) by the fund administrator.
Checking back on the past 4 years, August 31st always fell on a weekday, so the checks were always dated 8/31.
Is this last check ok per IRS regs. being dated on the last business day (8/29) prior to the 31st, or do I need to have the check reissued & dated as 8/31/08 (Sunday)?
Thanks for your help!
dj2008-09-04 12:20, By: dj, IP: []

L2: must payment dates be exact?The date is completely immaterial. It can be any day during the calendar year, and can change each year, if you are taking only annual distributions.
Further, you can change the frequencies of payments every year per IRS regulations. As we have seen from some recent postings,some of the financial institutions have gotten a bug up their a….., and may be requiring the same frequency of payment every year.
Under all circumstances, the only thing to be sure ofis that the exact same amount is distributed each CALENDAR YEAR.2008-09-04 12:31, By: dlzallestaxes, IP: []

L2: must payment dates be exact?Following up on your response – does dj now have to wait till after Dec 31 2008 or is say Sept 5 2008 considered safe to make modifications?2008-09-04 12:57, By: AL, IP: []

L2: must payment dates be exact?He actually has to wait until after 9/1/2009 !!!! He cannot stop or change his plan until the later of the END of the 5 FISCAL years after the first distribution ( about 1830 days) or age 59 1/2. As of 8/31/2008 he has only been in the SEPP for 4 years, having received his first distribution at the BEGINNING of the first year, and getting his 5th annual distribution at the BEGINNING of the 5th year.2008-09-04 13:18, By: dlzallestaxes, IP: []

L2: must payment dates be exact?AL- Since DJ did not mention his date of birth, it could be several more years before he crosses the 59 1/2 age goal line, which is one of the two requirements. The other is at least 5 years of payments. DLZ is correct about the 5 annual distributions only getting him to 4 years of time that has passed, but DJ”sage is another factor. I started my 72t at age 56 in March 2006, so I only have to do the five years version, and I can change my plan after March 2011, at age 61. If I had started it right at age 50, it would have to be getting payments for9 1/2 years (until 59 1/2) before it ended. So it is not always a 5 year SEPP plan. KEN2008-09-04 20:36, By: Ken, IP: []