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    IMCTN Posts: 1, Reputation: 1
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    #1

    Apr 24, 2008, 06:46 PM
    Age 70 IRA Required Withdrawals
    What are the required withdrawals from a SEP IRA at age 70?

    Thanks,
    KISS's Avatar
    KISS Posts: 12,510, Reputation: 839
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    #2

    Apr 24, 2008, 07:29 PM
    Depends:

    It's the tax year in which you attain 70 1/2.

    And it depends on if your married and the differences in ages between your spouse.
    Or whether your single.

    There is a divisor obtained from the Life Expectancy tables in IRS publication 590.

    You then must total all the traditional IRA's as of December 31st of the prior year and divide by that divisor.

    You have to take that amount of money from your traditional IRA portfolio from any combination of accounts. Withdrawal penalties normally imposed by the banks do not apply once you reach 70 1/2.
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