Get the free Required Minimum Distribution (RMD) Retirement Application (State Form 53709).doc

INDIANA PUBLIC RETIREMENT SYSTEM PUBLIC EMPLOYEES RETIREMENT FUND 1 North Capitol Avenue, Suite 001 Indianapolis, IN 46204-2014 Telephone: (888) 526-1687 (Toll-free) Fax: (866) 591-9441 (Toll-free)

How to fill out required minimum distribution rmd

1. Determine your age: The first step in filling out the required minimum distribution (RMD) is to determine if you are of the age where you are required to take distributions. Generally, individuals who reach the age of 70 ½ are subject to RMD rules.
2. Identify your retirement accounts: Next, you need to identify all of your retirement accounts that are subject to RMD. This includes traditional IRAs, 401(k)s, 403(b)s, and other qualified retirement plans.
3. Calculate your RMD amount: Once you have identified your retirement accounts, you need to calculate the specific RMD amount you are required to take. This involves using the appropriate IRS tables or using an online RMD calculator to determine the percentage of your account balance that you need to withdraw.
4. Understand the deadline: It is crucial to know the deadline for taking your RMD. RMDs must generally be taken by December 31st of each year. However, for the year you turn 70 ½, you actually have until April 1st of the following year to take your first RMD. Remember to take subsequent RMDs by December 31st every year.
5. Choose your distribution method: You have the flexibility to choose how you want to receive your RMD. You can take it as a lump sum, periodic payments throughout the year, or a combination of both. Speak with your financial advisor to determine the most suitable method for your financial goals and tax situation.
6. Coordinate with your custodian: If you have multiple retirement accounts, it is essential to coordinate with each account custodian to ensure that the RMDs are properly distributed. Your custodian can assist you in calculating and processing the distributions.
7. Report the distribution on your tax return: Finally, you need to report the RMD amount on your income tax return. Use Form 1099-R to report the distribution, and ensure accurate reporting to avoid any penalties or issues with the IRS.

Who needs required minimum distribution RMD?

Individuals who have reached the age of 70 ½ and have certain types of retirement accounts, such as traditional IRAs, 401(k)s, 403(b)s, and qualified retirement plans, need to take the required minimum distributions (RMD). It is important to note that Roth IRAs are generally exempt from RMD rules as long as the account owner is still alive. However, beneficiaries who inherit Roth IRAs may be subject to RMD rules.

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