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Eagle Life Insurance Company P.O. Box 71279 Des Moines, IA 503250279 Phone 8665260995 Fax 5154571911 www.eaglelifeco.com REQUIRED MINIMUM DISTRIBUTION Withdrawal Request Print Contract Number Contract

How to fill out required minimum distribution

How to fill out required minimum distribution:

1. Gather necessary information: Before filling out the required minimum distribution (RMD) form, gather all the relevant information such as your age, retirement account balances, and any eligible beneficiaries.
2. Calculate your RMD: Use the appropriate IRS tables or online calculators to determine the amount you are required to withdraw from your retirement accounts. This amount is based on your age and the account balances as of the previous year-end.
3. Identify which retirement accounts require distribution: Determine which retirement accounts are subject to RMD. Traditional IRAs, employer-sponsored retirement plans (such as 401(k)s and 403(b)s), and certain inherited IRAs typically require RMDs. Roth IRAs, however, do not have RMDs during the account owner's lifetime.
4. Determine the deadline: The deadline for taking your RMD is usually December 31st of the year for which the distribution is required. However, the first RMD can be delayed until April 1st of the following year if you turned 70½ before 2020. Ensure you meet the deadline to avoid any penalties.
5. Fill out the RMD form: Contact your retirement account provider and request the necessary forms to initiate your RMD. These forms will require personal information, including your account details and the amount to be distributed.
6. Consider tax implications: Keep in mind that RMDs are generally subject to income tax. Evaluate your tax situation and consult with a tax professional to understand the potential tax implications and strategies to minimize tax liability.

Who needs required minimum distribution:

1. Individuals with traditional IRAs: If you have a traditional IRA, you are generally required to take RMDs once you reach age 72 (or 70½ if you turned 70½ before 2020). This ensures that the government can collect taxes on the pre-tax contributions and earnings in these accounts.
2. Participants in employer-sponsored retirement plans: Similar to traditional IRAs, participants in employer-sponsored retirement plans like 401(k)s and 403(b)s are also subject to RMDs. However, if you are still working and not a 5% owner of the business, you may be able to delay RMDs from your current employer's plan.
3. Beneficiaries of inherited retirement accounts: Inherited IRAs and retirement accounts have their own set of rules regarding RMDs. Generally, beneficiaries must take annual distributions from inherited accounts, with the amount based on their own life expectancy or the original account owner's remaining life expectancy.

It is important to note that RMD rules can be complex, and there can be exceptions or additional considerations based on individual circumstances. It is always recommended to consult with a financial advisor or tax professional for personalized guidance.

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What is required minimum distribution?

Required minimum distribution (RMD) is the minimum amount of money that must be withdrawn from a retirement account each year once the account holder reaches a certain age, usually 72.

Who is required to file required minimum distribution?

Individuals who have traditional IRAs, SEP IRAs, or SIMPLE IRAs, as well as participants in employer-sponsored retirement plans, such as 401(k) or 403(b) plans, are required to file required minimum distribution.

How to fill out required minimum distribution?

Required minimum distribution can be filled out by contacting the financial institution that holds the retirement account and requesting the necessary forms to withdraw the required amount each year.

What is the purpose of required minimum distribution?

The purpose of required minimum distribution is to ensure that individuals with retirement accounts gradually draw down their savings and pay taxes on the withdrawals, rather than allowing the funds to grow tax-deferred indefinitely.

What information must be reported on required minimum distribution?

Required minimum distribution forms typically require personal information such as name, account number, and year-end account balance, as well as the calculated minimum distribution amount based on age and account balance.