When are you required to take the minimum distribution from your qualified IRA ?

You must start taking Required Minimimum Distributions (RMDs) in the calendar year you turn age 70-1/2. Actually you can hold off until April 15 of the following year, as long as you haven't filed your income taxes by then.

The tax consequences of not taking the RMD is pretty onerous - the amount you were required to take as a mandatory distribution but didn't is taxed at 50%.

More info here: http://www.irs.gov/Retirement-Plans/...istributions#8