Normal distributions, age 59½ and older
Distributions that occur on or after the IRA owner reaches age 59½ may be subject
to income tax but are not subjected to any early-distribution penalty.
 

Required Minimum Distributions, age 70½ and older
Once you reach 70½, you'll have to take at least a minimum withdrawal from your IRA each year. Distributions must begin starting April 1 the year after you turn 70½. If you fail to take distributions by that time, you will be taxed at a 50% rate on the amount that should have been withdrawn.

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