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When Does Age 59 1/2 Begin?

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ByRoy

L1: When Does Age 59 1/2 Begin?I set up my SEPP for my SEP-IRA in 2009 and made my firstwithdrawl in September, 2009. I made the samewithdrawl in 2010, and again in 2011. Iused my one-time withdrawl modification in 2012 and applied that through 2015. I believe I have met the 5 year requirement. My 59th birthday is in May of this year (2016).
My question is, am I eligible to modify my withdrawls at any time during 2016, or do I need to wait until November (my birthday plus 6 months), or do I need to wait until 2017?
Thank You.2016-01-11 19:10, By: Roy, IP: [184.166.51.72]

L2: When Does Age 59 1/2 Begin?Your plan modification date is one day after the day you reach 59.5 in November. Until then your SEPP options for 2016 are:
1) Take out nothing
2) Take out 10 months worth
3) Take a full annual distribution
Starting on your modification date, you have no restrictions on your distributions. Distributions taken after the mod date will receive a different 1099R due to coding in Box 7 than distributions you take prior to the mod date. These distributions will be penalty free.
In summary, look at the 2016 in two parts, with the first portion while the plan is still in effect having 3 options, but only those 3. If you want fewer 1099R forms to deal with, you might plan on taking distributions in just one of the two portions of the year.
By the one time modification, I assume that refers to having made the one time switch to the RMD method in 2012.2016-01-12 03:13, By: Alan S, IP: [160.3.87.235]

L3: When Does Age 59 1/2 Begin?That’s correct, I did switch to the RMD method in 2012.
Thank you for the concise and complete answer. You have been very helpful.2016-01-13 00:25, By: Roy, IP: [184.166.51.72]

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