Thanks to everyone for the help on this yesterday, I have a follow up question.
I plan to start taking an annual distribution under the SEPP rules so that the exception to the 10% penalty applies.
I read under the rules that once you start doing this, you cannot take any other distributions. I wanted to start this distribution this month or next month as an annual distribution, however, I took a distribution earlier this year, I think in February of 2023.
Does that mean I have to wait until next year to start this? Is it possible to start my annual distribution under SEPP exception even though I've already taken a distribution this year?
The distribution I took was for approximately $2000. The amount I'm allowed to take annually to stay within the SEPP rules is close to $18,000 and I'm only planning on taking $13,000. So I'll still be under the total amount I'm allowed to take, but will I ruin anything by taking a second distribution and starting my SEPP this year?
Thanks for your time!
