Taking Your First Required Minimum Distribution

You can withdraw the RMD from your traditional IRA anytime during the year that you turn 70½. But the rules are different if you're giving your RMD to charity.

(Image credit: Jacob Ammentorp Lund)

I turned 70 on January 31 and know I have to take my first required minimum distribution this year. I already withdrew the money from my traditional IRA, but I'm worried that I made a mistake because I don't turn 70½ until July 31. Do I need to wait until after I turn 70½ for the distribution to count?

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.