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My DW will turn 70.5 on December 9, 2011. Reading the Schwab info that is addressed to her, they state, "You must schedule your RMD no later than December 1, 2011, to allow adequate time for us to complete your RMD by December 31, 2011." Sounds like a pretty tight schedule for her.

fwiw ..i just re-read bit of IRS Pub 590 ..and Schwab sounds Wrong

( my understanding meshes with Pete's explanation and Donna's link. )

[ put A Nother way:
if you turn 70.5 in year X, you must take RMD FOR year X
.. amount based on balance as of 12/31/X-1
.. but have until 4/1//X+1 to make the withdrawal.

but then must also take RMD for year X+1, before 12/31/X+1
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