Starting a SEPP question

L1: Starting a SEPP questionI am 58 years old, May 13, 1957, and want to begin a SEPP plan with my traditional IRA.
Earlier this year I had planned to start it (two months ago) and took what was to be “year 1 distribution” of approx. $10k (calculated correctly) on February 26, 2015.
Within 30 days of that distribution, March 10, 2015; I decided against the SEPP (found I could do without it) so I ROLLED BACK the $10k (exact amount) into the IRA.
Now:2 months later May 12, 2015, I find things have changed for me financially and I must start the SEPP.
My thoughts are this:
1. I could start the SEPP with no problem at all because technically I really did not start one 2 months ago, Feb 26, 2015 had a distribution then a rollover back to the IRA, OR
2. I may be better off taking almost all of what is in this IRA and rolling it to a NEW IRA and starting fresh with that one (with the SEPP, year one).
I am really struggling with this, not sure and do not want to break the rules. Can you please offer your insight/thoughts on this? I would really appreciate it.2015-05-11 18:07, By: needtoknow, IP: [71.235.2.156]

L2: Starting a SEPP questionWith these quick changes in your financial situation, and probable uncertain future, I would never recommend that you start a SEPP 72-T at age 58. You would be locking yourself into this for 5 years until you are 63.
I would recommend just taking what you need when you need it over the next 18 months. and pay the 10% penalty. Check to see if you qualify for any of the other exceptions to the 10% penalty.
At 59 1/2 after Nov 13, 2016 you will be able to take whatever you need whenever you need it WITHOUT THE 10% PENALTY.
If you have a 401-K or 403-B, you may have other better options.
2015-05-11 18:17, By: dlzallestaxes, IP: [98.114.199.232]

L3: Starting a SEPP questionThank you so very much. I needed some help with this and what you say makes a lot of sense.2015-05-11 22:26, By: needtoknow, IP: [71.235.2.156]