For 2009, you are not required to take a minimum distribution from your traditional IRA. This waiver applies to IRA participants as well as to beneficiaries.
The waiver does not apply to minimum required distributions for 2008, even if you turned 70½ in 2008 and choose to take the 2008 required minimum distribution by April 1, 2009.
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Tax Preparer
Taxes, Immigration, Labor Relations
For 2009, you are not required to take a minimum distribution from your traditional IRA. This waiver applies to IRA participants as well as to beneficiaries. The waiver also applies to you if you turn 70½ in 2009 and delay your 2009 required minimum distribution until April 1, 2010.
If you received a distribution in 2009 that would otherwise be a required minimum distribution, you can roll over that amount into another IRA or eligible retirement plan within 60 days of the distribution.
If you reach age 70½ in 2009, you are not required to receive your first distribution by April 1, 2010. Your first required distribution however must be made for 2010 by December 31, 2010.
Please plan your distribution wisely to avoid higher tax brackets.
Let me know if you need help to estimate your tax liability in each scenario.