Did you reach the magic age of 70½ during 2013? If so, you may be facing an April 1 deadline to start receiving required minimum distributions from your IRA or employer sponsored retirement plan.

Owners of traditional IRAs and company retirement plans (including 401(k), 403(b), and 457 plans) must take a certain amount out of their plans by April 1 of the year after which they reach the age of 70½. Subsequent annual required distributions must be made by December 31.

The required minimum distribution can be calculated based on life expectancy and the value of the IRA or retirement account. For a taxpayer who turned 71 in 2013, for example, the first required distribution would be based on a life expectancy of 26.5 years.

The IRS provides a Uniform Lifetime Table to help taxpayers calculate their required minimum distribution.

The required minimum distribution does not apply to owners of Roth IRAs. In addition, taxpayers who are still working can generally wait until April 1 of the year after they retire to begin their distributions.