Practice Quiz

FINRA Series 6

Category - Series 6

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Ralph has a traditional IRA from which he has yet to make any withdrawals. Ralph will be turning 70 ½ in June, 2011.According to the required minimum distribution rule associated with traditional IRAs, Ralph is required to start withdrawing funds from this account:
  1. no later than the day after he turns 70 ½.
  2. on April 15, 2011.
  3. on April 1, 2012.
  4. on April 15, 2012.
Explanation
Answer: C - According to the required minimum distribution rule associated with traditional IRAs, Ralph is required to start withdrawing funds from this account on April 1, 2012. The rule states that he must begin making withdrawals on April 1st of the year following the year in which he turns 70 ½.
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