When I turn 59 1/2

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L1: When I turn 59 1/2I have had a 72t going since 2002. I will turn 59 1/2 Feb. 15, 2011. Do I have to stay with the 72t for the 1st month 1/2 or for the whole year? Pro rate or full amount? Can I not do anything for the 1st month and 1/2 and after feb 15th take out any amount I choose ending the 72t.
2010-11-24 13:45, By: bonusmon, IP: []

L2: When I turn 59 1/2Since your plan is over 5 years old, after you turn age 59.5, the plan can end. You will have the following options in 2011

Take no distribution prior to age 59.5; or
Take the full annual distribution; or
Take a pro-rated distribution for the period before the SEPP ends; or
Wait until after you turn age 59.5 and take as much or as little as you desire

Good luck!2010-11-24 20:20, By: Gfw, IP: []

L3: When I turn 59 1/2I was about to pose a similar question so this was timely. One further question, do we have to provide any notice to the IRS that the SEPP payments have stopped?
And, am I correct in assuming I can withdraw whatever amounts I want from my IRA from now on?
Janet2010-11-24 21:21, By: janders, IP: []

L4: When I turn 59 1/2Janet…
Yes, if you are over age 59.5 and the plan has been in existance for 5 years (5 years times 365 days plus 2 more days) and you have taken 5 calculated annual distributions, you can take any amount that you want.
No notice to the IRS is necessary.2010-11-24 21:26, By: Gfw, IP: []

L4: When I turn 59 1/2There is no notice to the IRS that your plan has ended, as long as the plan did not end by a disallowed modification (busted plan).
If you are filing a 5329 to change the custodian’s 1099R coding from a 1 to show “02”, you will also have to do that in your final year. You should get a separate 1099R for any distributions you took after age 59.5 with a coding of 7. That 1099R is correct and you should not change it on your 5329. Just change the amounts showing with the “1” code.
You are correct that after your modification date, you can take out any amount you wish or nothing for that matter. These should be coded with a 7 as indicated above.2010-11-24 21:32, By: Alan S., IP: []