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    dunton1's Avatar
    dunton1 Posts: 1, Reputation: 1
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    #1

    Nov 28, 2007, 11:31 AM
    When can I stop mandatory IRA withdrawals
    My birthdate is 07/08/48 I will be 59 1/2 on 01/08/08. I started withdrawals from my rollover IRA using one of the IRS substantial equal payment rules. My first annual withdrawl was made on 07/02/03 & my 5th was made on 01/06/07. I know by IRS ruling that I cannot make unlimited withdrawals until 1 day over 5 years from my 1st withdrawl even though I will be 59 1/2 first. My question is am I required to take another annual withdrawl (my 6th) for tax year 2008 because I don't turn 59 1/2 until Jan 8th?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Nov 29, 2007, 10:17 AM
    Yes, the sixth withdrawal IS required.

    Failure to do so WILL be noticed by the IRS, as they get an annual report on your IRA balance.
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