Generally, a traditional IRA owner must begin taking money out of the account by April 1 of the year after he or she turns 70 1/2. The amount is a minimum distribution determined by the account holder’s age and life expectancy. The IRS has established simplified tables that a traditional IRA owner can use to figure the required distribution. If required payments are not made on time, the IRS will collect an excise tax. Roth IRAs aren’t subject to minimum distribution requirements until after the Roth owner dies.

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