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SEPS and Addtional withdrawals at age 59-1/2

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ByRDT

L1: SEPS and Addtional withdrawals at age 59-1/2HiI am 56 and intend on starting a SEP. I understand I must take the same payments for 5 years. When I turn 59-1/2 can I take additional tax free distributions from my IRA without busting the SEP2008-12-10 14:45, By: RDT, IP: [98.221.230.237]
L2: SEPS and Addtional withdrawals at age 59-1/2No extra payments – at least not until after the end of the 5 year period – about 365 days times 5 years plus 2 days to be safe from the date of the first distribution. You could also use the last payment date calculator to determine when your plan will end.http://72t.net/Sepp/Irc72tLastPaymentDate.aspx2008-12-10 14:51, By: Gfw, IP: [98.214.144.242]

L2: SEPS and Addtional withdrawals at age 59-1/2NO, you cannot change your amount just because you reached age 59 1/2. That is why we usually recommend that you only put enough in the IRA account for theSEPP-72T, and keep the balance in another IRA account to use for Emergencies before 59 1/2, or for additional post-59 1/2 distributions from the other account.2008-12-10 14:51, By: dlzallestaxes, IP: [96.245.168.66]

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