Failure to calculate the RMD accurately can result in a substantial penalty.
If you have a retirement account — an IRA, 401, 403 or other “qualified” retirement account — and you are, or have reached, the age of 73 this calendar year, it is time to calculate and withdraw your required minimum distribution, or RMD. It’s actually a very simple process, but failure to calculate the RMD accurately can result in a substantial penalty. Here are a few other things to keep in mind. —Year-end balance.
Since you can calculate the RMD in January, based on year-end account balances, you could ask your custodian to send you 1/12 of the RMD amount every month, after withholding taxes. It would serve as a sort of planned monthly income, spread throughout the year. Or you can wait until December and take it all out at the same time.
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