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800791007.exp 10/30/2007 12:31 PM Page 1 REQUIRED DISTRIBUTIONS FROM YOUR CREDIT UNION TRADITIONAL IRA QUESTIONS AND ANSWERS PAYMENT OPTION EXPLANATIONS ESTIMATING YOUR 2008 PAYMENT 800791007.exp

How to fill out required distributions from your

How to fill out required distributions from your:

1. Gather necessary information: Collect all relevant financial documents such as retirement account statements, tax forms, and beneficiary information.
2. Determine your required minimum distribution (RMD): Use the IRS Uniform Lifetime Table or the IRS Joint Life and Last Survivor Expectancy Table to calculate your RMD.
3. Choose a distribution method: Decide whether you want to take your RMD as a lump sum or set up regular periodic payments. Consider consulting a financial advisor for guidance.
4. Complete the paperwork: Fill out the necessary forms provided by your retirement account provider, such as a distribution request or RMD form.
5. Calculate the tax withholding: Determine if you want to withhold any taxes from your distribution. Consult a tax professional to understand the tax implications.
6. Submit the forms: Mail or electronically submit the completed forms to your retirement account provider.
7. Keep records: Maintain copies of all forms, receipts, and any correspondence related to your RMD for future reference.
8. Monitor deadlines: Be aware of the annual deadline to take RMDs, which is generally December 31st. Failure to meet the deadline may result in tax penalties.

Who needs required distributions from your:

1. Individuals with Traditional IRA accounts: Once you reach age 72 (or 70 ½ if you were born before July 1, 1949), you are generally required to take RMDs from your Traditional IRA.
2. Participants in employer-sponsored retirement plans: If you have a 401(k), 403(b), or another similar retirement plan through your employer, RMDs are typically required for those who are not still working at age 72.
3. Beneficiaries of inherited retirement accounts: If you inherit a retirement account, such as an IRA, RMD rules also apply to you, regardless of your age. The rules and calculations may vary depending on your relationship to the original account owner.

Note: It is important to consult with a financial advisor or tax professional for personalized advice and to ensure compliance with IRS regulations.

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