If you turned 70 ½ in 2011 you may be required to take a minimum payout from your IRA or company pension plan. You may delay your first years distribution, but this option doesn’t apply to subsequent years payouts. You must take your 2011 distribution by April 1, 2012. To calculate the required distribution divide your December 31, 2010 IRA balance by the IRS’s factor for your age. Your tax preparer has this information and will be able to help you make the calculation.
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- Written by Angela Bryson