If you turned 70-1/2 in 2001, your first required distribution must be taken by April 1, 2002. The amount you must withdraw will be based on the amount in the account at year-end 2000.
However, your second distribution must take place by December 31, 2002, based on the year-end 2001 amount. If you take two distributions that year, the added income may push you into a higher tax bracket. The alternative is to take one distribution by year-end 2001 and only one distribution in 2002. Check with your tax pro to see if this will result in a lower overall tax bill.
