terminating a life distribution

L1: terminating a life distribution At age 50 I started taking a life ditribution from my IRA account.For my calculation I used the IRS life expectancy tables and have been taking my annual distribution for several years now. On August 25 2007 I will be 59 years old. When can I stop taking the annual distribution and not be subject to any IRS tax penalties? I typically take the monies once each year in the month of January.2006-10-08 11:00, By: mustang289, IP: [12.72.39.51]
L2: terminating a life distributionYour plan termination date is when you reach 59.5, not 59. That would be 2/25/08. However, that does not completely address your concern. While you would be OK just continuing to take your annual payment in January, 2008, you may want to limit your 2008 distributions.
If so, and I am not aware of any specific ruling for this,for 2007 Iwould start taking distributions either monthly or every other month @ 1/6 your annual amount. Then, in 2008 take either two monthly or the 1/6 prior to 2/25/08. While you are probably OK without doing that, it would establish a periodic payment pattern in 2007 that you would carry over to 2008 and make your stub year consistent with the prior year. You could then stop and limit your total distributions to those two months if you wanted. Later in 2008, if you need more, no problem.2006-10-08 23:04, By: Alan S., IP: [24.116.66.98]