Q. I’m confused about the rules for RMDs. I turned 70½ on Nov. 15, 2010. Was I supposed to take a distribution by Dec. 31, 2010? R.T., Dobbs Ferry, N.Y.
A. No. Normally, “required minimum distributions” (RMDs) must be made by Dec. 31 of the current year. However, for the first year you’re required to take RMDs—the year in which you reach age 70½, which was 2010 in your case—you don’t have to take the RMD until April 1 of the following year.
Tip: This means you’ll have to take another RMD by Dec. 31, 2011, for the 2011 tax year.