I will turn 70 1/2 next March - I will be continuing to work - my company and I both contribute to my 401K. I also have an IRA that was funded from a rollover from a prior company. Since I am not planning to retire for at least 5 more years, will I be required to start pulling the mandatory amount from both the 401K and the IRA or just from the IRA?

You are required to make the minimum distributions from the IRA, but not necessarily from the 401(k) until you retire. According to the IRS: 401(k) Resource Guide - Plan Participants - General Distribution Rules

Minimum Distribution ... The required beginning date is April 1 of the first year after the later of the following years:

- Calendar year in which you reach age 70½.
- Calendar year in which you retire.

However, a plan may require you to begin receiving distributions by April 1 of the year after you reach age 70½, even if you have not retired. [Emphasis mine]

So talk to your plan administrator to see what the rules are for your specific plan. By the way - you are not required to make these withdrawals until April 2011 (since you turn 70-1/2 in 2010).

[EDIT] - Upon rereadoing the original post, I see you are turning 70-1/2 "next March," which I assume means March 2011. So any minimum distribution isn't required until April 2012.

Thank you ebaines for your insight as stated I will check with the plan adminsitrator