I have a question about my IRA
, specifically about a 72-T account I set up. This is a quote from the IRS website and I want to make sure I am interpreting it correctly: "When do I fulfill my obligation to take substantially equal periodic payments?
The substantially equal period payments must generally continue for at least five full years, or if later, until age 59 ½. For example, if you began taking payments at age 56 on December 1, 2006, you may not take a different distribution or alter the amount of the payment until December 1, 2011, even though your fifth payment was taken on December 1, 2010.
If you begin taking substantially equal periodic payments on December 1, 2005, and you turn 59 ½ on July 1, 2011, you may not take a different distribution or alter the amount of the payment until July 1, 2011. "
(If it’s relevant, I was 57 years old on 01-09-2010; I turned 59 and 1/2 in July 2012.)
This is a history of the distributions from the 72-T account and my interpretation of what that means for fulfilling my obligation to take substantially equal periodic payments:
4-10-10 first equal period payment received and subsequent four payments authorized to be made on January 2 of each year.
1 year completed = 4-10-11 (second pymt rec’d 1-2-2011)
2 yrs completed = 4-10-12 (third pymt rec’d 1-2-2012)
3 yrs completed = 4-10-13 (fourth pymt rec’d 1-2-2013)
4 yrs completed = 4-10-14 (fifth pymt to be received 1-2-2014)
5 yrs completed = 4-10-15 even though last of the five years of payments was received about January 2, 2014. So the earliest I can take another distribution of any amount whatsoever after the 5th payment of 1-2-2014 is on 4-10-2015? Is that correct?