The Worker, Retiree, and Employer Recovery Act of 2008 has waived required minimum distributions (RMDs) from retirement plans for 2009.  So what does this mean if you are turning 70 1/2 in 2009?

Normally, turning 70 1/2 in 2009 would mean you must take your first RMD by April 1, 2010.  However, since that RMD is waived your next RMD is due by December 31, 2010 (not April 1, 2011).  And it would be based on the account balance on December 31st, 2009.