Get the free 2013 Required Minimum Distribution form - Millennium Trust Company

2001 Spring Road, Suite 700 Oak Brook, IL 60523 800.258.7878 Telephone 630.472.5392 Fax www.mtrustcompany.com 2013 REQUIRED MINIMUM DISTRIBUTION (RED) To complete this form, you will need your: ??

How to fill out 2013 required minimum distribution

How to Fill Out 2013 Required Minimum Distribution:

1. Gather necessary documents: To fill out the 2013 required minimum distribution (RMD), you will need your account statements from the retirement account(s) you have, such as an IRA or 401(k) plan. These statements will provide the information required to calculate your RMD.
2. Determine your RMD amount: The RMD amount is calculated by dividing your retirement account balance as of December 31st of the previous year by a distribution period factor, which is provided in IRS publications.
3. Consult IRS resources: To ensure accuracy in determining your RMD amount, refer to IRS Publication 590-B, which provides detailed guidelines and tables to calculate your distribution period factor based on your age and account balance. Make sure to use the correct table specific to 2013.
4. Calculate your RMD: Apply the distribution period factor to your retirement account balance as of December 31, 2012, to determine your RMD amount for 2013. The formula will look like this: RMD = Account Balance ÷ Distribution Period Factor.
5. Take your RMD: Once you have calculated your RMD amount, you are required to withdraw that amount from your retirement account(s) by the year-end deadline, which is usually December 31st. If you have multiple retirement accounts, you can choose to withdraw the entire RMD amount from one account or divide it among multiple accounts, as long as the total withdrawn meets or exceeds the calculated RMD.

Who Needs 2013 Required Minimum Distribution:

1. Individuals with traditional IRAs: If you own a traditional IRA, you are required to take RMDs once you reach the age of 70 ½. This requirement applies to all individuals, including account holders, beneficiaries, and inherited IRAs.
2. Participants in employer-sponsored retirement plans: If you are enrolled in a 401(k) or other qualified employer-sponsored retirement plan, you are also subject to RMDs once you reach the age of 70 ½, unless you are still actively employed and not at least a 5% owner of the company.
3. Beneficiaries of inherited retirement accounts: In the case of inherited retirement accounts from a deceased account holder, beneficiaries are generally required to take RMDs based on their own life expectancy, starting in the year following the account holder's death.

In conclusion, if you fall into any of these categories, it is important to understand the process of filling out the 2013 required minimum distribution and to ensure compliance with the IRS guidelines. Gathering the necessary documents, calculating your RMD amount, and taking the required distribution by the deadline are essential steps in fulfilling your obligations.

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What is required minimum distribution form?

Required minimum distribution form is a form that taxpayers must submit to the IRS to report the minimum amount they are required to withdraw from their retirement accounts each year.

Who is required to file required minimum distribution form?

Individuals who are 72 years old or older with retirement accounts such as Traditional IRAs or employer-sponsored retirement plans are required to file the required minimum distribution form.

How to fill out required minimum distribution form?

To fill out the required minimum distribution form, taxpayers must calculate the minimum distribution amount based on their age and account balance, then report this information on the form and submit it to the IRS.

What is the purpose of required minimum distribution form?

The purpose of the required minimum distribution form is to ensure that taxpayers are withdrawing the minimum amount required from their retirement accounts each year to avoid penalties.

What information must be reported on required minimum distribution form?

Taxpayers must report their age, account balances, and calculate the minimum distribution amount based on IRS guidelines.

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