Age 70 1/2 Years - I have to draw minimum from my Two IRAs Or One IRA

[Kaliaus]

I am 701/2 years old. I am advised to draw the minimum from my IRA. The minimum depend up on the terms of IRA.
My question is that if I draw from One IRA and do not touch another IRA or I have to draw from both to full fill the requirement of IRS
Submitted for answer

[veritas]

How

did you get on this forum?

[TaxGuyBill]

Here is your answer from the IRS:

http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions#5

[taxxcpa]

IRA withdrawal.

The total amount attributable to both IRAs can be withdrawn from either one, leaving the other one intact.
For example if your life expenctancy was 10 years and you had two $50,000 IRAs, you could either draw $5000 from each or draw $10,000 from just one of them.

If you do not have the life expectancy table, the IRA custodian would show the amount attributable to each IRA, and you could add the two and take the total any way you wanted to.

[BOB W]

Just make sure that you notify the IRA that you are not taking any distributions from that you are taking your total RMD from another IRA. Automatic RMDs can happen from ALL IRAs.

[taxxcpa]

IRA withdrawal.

Those automatic withdrawals can also be risky. I've had clients who depended on the IRA custodian to make the withdrawal in December and the custodian failed to make it. Anyone who depends on the custodian should arrange to have it withdrawn no later than November, then they could deal with it before too late if the custodian did not make it.

[John of PA]

You can take from only 1 IRA, just make sure you use both of them in your computations.