I just turned 70 on Oct. 1. My friend was 70 on March 1. Her advisor told her she has to take a required distribution from her IRA this year (2012) but my advisor told me I don’t have to take one this year. Who is right?

Both of your advisors are right. The first distribution must be taken in the year you turn 70 ½. Since you turned 70 in October, you will not be 70 ½ until April of next year so your first distribution is due next year. Your friend who turned 70 in March was 70 ½ in September so she must take her first distribution this year. You will figure your distribution based on the age you are on the last day of the year. You will be 71 when you take your first distribution in 2013. Your friend will be 70 when she takes her first distribution in 2012.

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