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Automated Required Minimum Distribution Request Royal Tire, Inc. Profit Sharing & 401(k) Plan Participant Information 34123701 Use blue or black ink only. Refer to the attached Required Minimum Distribution

How to fill out automated required minimum distribution

How to fill out automated required minimum distribution:

1. Gather necessary information: Collect all relevant financial documents, such as your retirement account statements or 401(k) plan details, to understand the amount that needs to be distributed as the required minimum distribution (RMD).
2. Determine your RMD amount: Use a calculator or consult with a financial advisor to calculate your RMD amount based on factors such as your age and account balance.
3. Set up automated distribution: Contact your retirement account provider or custodian and inquire about setting up an automated distribution for your RMD. They will guide you through the process and provide you with the necessary forms or online tools to complete the setup.
4. Provide essential details: Fill out the required forms or provide the necessary information online, including your personal details, retirement account information, and the desired frequency and method of receiving the distribution.
5. Review and confirm: Double-check all the provided information for accuracy and completeness before submitting the forms or confirming the setup online.
6. Monitor and adjust as needed: Keep an eye on your automated RMD distribution to ensure it is processed correctly and reaches your desired account on time. Make any necessary adjustments or contact your retirement account provider if you encounter any issues.

Who needs automated required minimum distribution?

1. Individuals with tax-deferred retirement accounts: Anyone who possesses tax-deferred retirement accounts like traditional IRAs, 401(k) plans, 403(b) plans, or similar accounts is generally required to take RMDs once they reach a certain age.
2. Account holders over the age of 72: As of 2021, individuals who turn 72 years old (or 70 ½ for those who turned 70 ½ before January 1, 2020) need to start taking RMDs from their retirement accounts.
3. Beneficiaries of inherited retirement accounts: Inherited retirement accounts, such as inherited IRAs, may also require beneficiaries to take RMDs based on specific rules and guidelines. These individuals would need to understand the automated RMD process to fulfill their obligations.

Note: It is important to consult with a financial advisor or tax professional to get personalized advice regarding your specific situation and any additional requirements related to automated required minimum distributions.

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