After you turn 70.5, you must begin taking distributions from your IRA, 401(k), profit sharing and other tax-deferred retirement plans each year. (This does not include Roth IRAs).

Your required distribution is based on your age each year.

Each year, you add up the balances at the end of the previous year for all of your IRAs and other tax-deferred retirement plans from which you must take distributions.

Next, divide this total number by the appropriate "distribution period" or divisor for your age that year. Most people, whether single or married, will use the Uniform Lifetime Table to find the distribution period/divisor for their age.

The quotient is the total amount you must withdraw from all of your tax-deferred accounts combined that year. The withdrawal can come from any or all of your accounts.

If you are married and your sole primary beneficiary is a spouse more than 10 years younger, you must use the Joint Life Expectancy Table to calculate your distribution. This will usually result in smaller required distributions.

A separate life expectancy table applies to inherited IRAs.

You can also use an online calculator to figure your distribution, such as the ones at http://apps.nasd.com/investor_information/smart/401k/701202.asp or http://www.kiplinger.com/php/ira/question.htm.

For more information, read http://www.bankrate.com/cnn/itax/news/taxguide/20060102d1.asp?caret=9 or IRS Publication 590, Individual Retirement Arrangements, at http://www.irs.gov.

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