IRA Required minimum distributions
50% penalty for note taking RMD
Once you are age 70 1/2, you are required to take distributions from IRAs and SEPs you may own.

How to calculate the first distribution
Ordinarily distributions must be taken before the end of the year, but in the year one turns 70 1/2 (the time when the required minimum distribution rules kick in), one has until April 1st of the year following to make the distribution. Depending on whether you are married or single, you use the tables below. Take the divisor and divide it into the value of the IRA at the end of the preceeding year.

Distributions after 70 1/2
Use the appropriate table, find your age for the distribution year, divide the distribution factor into the value of the IRA at the end of the prior year. This is what you have to get out by the end of the year to avoid the 50% penalty.

Roth IRAs do not have to worry about the required minimum distribution rules. The earnings on ROTH IRAs and the withdrawals are never, never taxed!

Uniform Lifetime Table  
  Distribution     Distribution
Age Period   Age Period
70 27.40   86 14.10
71 26.50   87 13.40
72 25.80   88 12.70
73 24.70   89 12.00
74 23.80   90 11.40
75 22.90   91 10.80
76 22.00   92 10.20
77 21.00   93 9.60
78 20.30   94 9.10
79 19.50   95 8.60
80 18.70   96 8.10
81 17.90   97 7.60
82 17.10   98 7.10
83 16.30   99 6.70
84 15.50   100 6.30
85 14.80   101 5.90
Single Life Table      
  Distribution     Distribution
Age Period   Age Period
70 17.00   86 7.10
71 16.30   87 6.70
72 15.50   88 6.30
73 14.80   89 5.90
74 14.10   90 5.50
75 13.40   91 5.20
76 12.70   92 4.90
77 12.10   93 4.60
78 11.40   94 4.30
79 10.80   95 4.10
80 10.20   96 3.80
81 9.70   97 3.60
82 9.10   98 3.40
83 8.60   99 3.10
84 8.10   100 2.90
85 7.60   101 2.70