Starting distributions February 2019 / 11 months left

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L1: Starting distributions February 2019 / 11 months left
I plan to take my first annual distribution in February of 2019 for a new plan. I think I should take the calculated annual amount via 72t calculator, divide by 12 months and then multiply it by 11 months. Does this sound right?
DOB 4/1961
2019-02-05 04:40, By: Munce, IP: [174.126.232.84]

L2: Starting distributions February 2019 / 11 months left
You have only 20 months left before reaching 59.5, so it would be preferable to avoid a plan that locks you in for 5 years if at all possible. Starting a plan now suggests that you need funds badly in that 20 months.
Therefore, if you choose to start your plan, you will have a 5 year plan and it would be better not to pro rate the first year. Simply distribute the full annual amount in 2019-2023, and nothing in 2024 prior to the modification date of your plan (Feb, 2024).
Your distribution pattern in any year is unlimited, but if you choose periodic installments, avoid distributions in the first or last 5 days of a month, since the December payment can be missed due to Holidays or the January payment could be made in December by the custodian if you set up installments on the first 3 days of a month. Either of these errors would bust your plan.
Note that for a later year of your plan, if you wish you can make the one time switch to the RMD method. That would reduce the distributed amount and allow you to preserve more of your IRA.
2019-02-05 15:57, By: Alan S, IP: [72.24.226.251]

L3: Starting distributions February 2019 / 11 months left
Thank you for your help!
2019-02-06 05:08, By: Munce, IP: [174.126.232.84]

L4: Starting distributions February 2019 / 11 months left
How much do you NEED before you are 59 1/2 ?
Did you check to see if you qualify under any of the other exceptions to the 10% penalty ?
How bad would it be if you had to pay the 10% penalty just for distributions before you were 59 1/2, compared to being locked into a SEPP 72-T plan for 5 years ?
Don’t you have any other way to get to 59 1/2 ?
2019-02-06 05:56, By: dlzallestaxes, IP: [173.59.46.223]