Since contributions to IRA reduced taxable income, at some point tax is due. And this is the year when one turns 70-1/2. The institution where the funds are kept should notify you, also calculate the amount. Not so straight forward, and the publication has examples. Spouse's birthday was June so had to start taking that year. Mine was August, so waited for the following year.
This publication has several tables on how to calculate the amount. Different when the spouses are more than 10 years apart in age.
It depends on the amount one had on Dec. 31st the previous year.
We use Appendix B, Table III.
Thus, for the first year, 70 the amount to be withdrawn is the amount at the end of the year divided by 27.4.
If you had $10,000, you will have to withdraw $365 for that year. For the following year, the denominator is 26.5 and so forth.
And I do hope you will reach way beyond 70 1/2!
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