IRA required minimum distributions

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IRA required minimum distributions

If you’ll be age 70½ or older by the end of 2017, you must withdraw a minimum

amount — a required minimum distribution (RMD) — from your non-Roth IRAs

for 2017. Withdrawals are not required from Roth IRAs until after the owner’s

death.

RMD deadline

You must take your 2017 RMD by December 31, 2017. If you reached 70½ years

of age in 2017, you can delay taking your 2017 RMD until April 1, 2018.

RMD amount

Your 2017 RMD is your account balance as of the end of 2016 divided by a

distribution period from the IRS’s “Uniform Lifetime Table.” A separate table is

used if your spouse is your sole beneficiary and is 10 or more years younger

than you. You can use these worksheets to calculate your RMDs.

Failure to take full amount of a RMD

If you fail to take the full amount of your RMD (you can always withdraw more

than the required amount), you may have to pay a 50 percent excise tax on the

amount not distributed as required.

• To report the excise tax, you must file Form 5329, Additional Taxes on

Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.

• See the Form 5329 instructions for additional information about this tax.

Date: August 1, 2017

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NOTE TO EDITOR: Below are links to helpful retirement information on IRS.gov.

• FAQs regarding Required Minimum Distributions – answers to common

questions on these required distributions.

• Chart of Required Minimum Distributions for IRA Beneficiaries –

information on when you must start withdrawing amounts from an

inherited IRA.

• Individual Retirement Arrangements (IRAs) – general information about

IRAs, including benefits of contributing, annual contribution and deduction

limits, and tax on withdrawals.

On Twitter? Send these Tweets:

• Learn when you must start taking money out of your #IRA

http://go.usa.gov/m3hz #IRS

• Read this if you inherited an #IRA http://go.usa.gov/mcqW #IRS