If you have an IRA or a qualified retirement plan (401K, 403B. etc) and you are 70 1/2 this year, you are required to start taking the Required Minimum Distribution from your account. You actually have until April 1 the following year to take the first RMD payment (meaning you will have two payments that year.)
Here is what the IRS says about RMDs:
http://www.irs.gov/retirement/article/0,,id=96989,00.html#1
If you have questions about how to calculate the RMD or about the RMD requirements, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.
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