Get the free IRA Required Minimum Distribution - American Century Investments

IRA Required Minimum Distribution Request Required Minimum Distributions (Rods) do not apply to a Roth IRA. Please print clearly in CAPITAL letters using black ink and sign on page 4. 1 Provide Information

How to fill out ira required minimum distribution

How to Fill Out IRA Required Minimum Distribution:

1. Determine your age and the applicable rules: The first step in filling out an IRA required minimum distribution (RMD) is to determine your age and understand the rules that apply to your specific situation. RMDs typically start at age 72 for traditional IRAs and 70½ for individuals who turned 70½ prior to January 1, 2020.
2. Calculate the RMD amount: Once you know your age and the applicable rules, you need to calculate the RMD amount. There are various methods to calculate RMDs, including the Uniform Lifetime Table, Joint Life and Last Survivor Expectancy Table, and the Single Life Expectancy Table. It's important to use the correct table based on your circumstances.
3. Gather necessary information: To fill out the RMD, you will need some information, including the account balance of your IRA(s) as of December 31 of the previous year, your life expectancy based on the relevant table, and any other factors that may affect your RMD calculation, such as an eligible charity beneficiary.
4. Contact your IRA custodian: Reach out to your IRA custodian or financial institution to notify them of your intention to take an RMD. They will provide you with the necessary forms and guidance for filling out the required paperwork.
5. Complete the RMD paperwork: Fill out the required paperwork provided by your IRA custodian or financial institution accurately and thoroughly. This includes providing your personal information, IRA account details, and calculating the RMD amount based on the information gathered in the previous steps.
6. Decide on the distribution method: Choose how you want to receive your RMD. You can opt for a lump-sum distribution, periodic payments throughout the year, or transfer the RMD amount directly to another eligible retirement account. Discuss the options with your IRA custodian to ensure you make an informed decision.
7. Submit the paperwork and meet the deadline: Once the RMD paperwork is completed, submit it to your IRA custodian. Make sure to adhere to the deadline for taking the RMD, which is generally December 31 of each year. Failure to comply with the deadline may result in penalties imposed by the Internal Revenue Service (IRS).

Who Needs IRA Required Minimum Distribution:

1. Individuals with traditional IRAs: Those who have traditional IRAs and have reached the age of 72 or turned 70½ prior to January 1, 2020, are required to take RMDs from their accounts. The purpose of the RMD is to ensure that individuals start withdrawing a portion of their retirement savings as taxable income to meet their financial needs during retirement.
2. Beneficiaries of inherited IRAs: If you have inherited an IRA, whether it is a traditional or Roth IRA, you may be subject to RMD rules. In most cases, beneficiaries need to take RMDs from inherited IRAs, which are calculated based on their own life expectancy or the remaining life expectancy of the original account owner.
3. Exception for Roth IRAs: Roth IRAs are not subject to RMD rules during the account owner's lifetime. However, non-spouse beneficiaries of Roth IRAs may be required to take RMDs based on their own life expectancy.

In summary, individuals with traditional IRAs who meet certain age requirements, as well as beneficiaries of inherited IRAs, may need to fill out IRA required minimum distribution forms and take RMDs from their accounts to comply with IRS regulations and ensure proper management of their retirement funds.

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