Understanding Required Minimum Distributions

Explanation of what you need to know about Required Minimum Distributions, or RMDs

Links in this video:

#RMD #RequiredMinimumDistribution #RequiredMinimumDistributions

DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.

[bethkoch]

I knew a bit of this information, and I just received notice from my account manager of my upcoming RMD. Your video was very helpful in deciphering the material I received.

[Moneymngr]

Really well done and without error. Just watched another video from an "expert" and immediately found two major errors (life expectancy table to use and aggregation rules of employer plans and IRAs). You're the best and I've subscribed. Thanks and great job!

[rickwilliams]

Thanks, very clear explanation of RMD’s.

[mwkjdrew]

Thank you so much…This is the best one for sure very organized and clear information!👍👍👍

[theodorehaskins]

Hey Andy thanks for the info, great presentation! Lots of really good information in there! Thanks for posting the video & I look forward to seeing you n your next one! Cheers!😎👍🏾👍🏾

[pch]

Got it!. I appreciate this video. Many thanks my friend

[chyatt]

Thank you very much. This is very helpful to me.

[genesouth]

I am watching this video in Feb 0f 2024. Have any regulations regarding the first RMD been changed? as in delayed for a year ?

[jammcrusader]

Love all your videos, what is your favorite bread crumb?

[paulkuppinger]

Excellent job explaining!! 😊 Thank you

[sbeckas]

So if your birthday is later (at end of the year) you must use your age that you will be at the end of the year for the calculation ? Not your present age?

[jvolstad]

Does a financial advisor take a percentage of my traditional IRA?

[anja]

2 questions: 1. Is it $3k+ per year or per month? 2. You stated if I am still working at 72, I dont have to take an RMD out of my 401k? Bonus question/clarification: This is only for traditional accounts? No roth ira/roth 401k matches etc?

[pblakeney]

Question: If you perform an in kind RMD to a taxable brokerage account, is that RMD calculated in the combined income formula for social security benefits? Since no income was actually realized (but taxes were paid on the RMD), is that RMD no longer calculated in the combined income definition?

[franciseastwood]

I know the amount for the RMD. Does one just take a distribution or is there a form or process needed?

[genesouth]

Thank you for your informative video. I have subscribed to your channel and "Liked" the video as well. See below for my questions regarding IRA RMDs':

Today is Feb 29, 2024. As of this writing, I am 72 years of age. I will turn 73 in a few short weeks on my birthday of April 5, 2024. My spouse is 11 years younger than me. Her birthday is 07/22/62. My spouse is the sole beneficiary of my IRA. I am fully retired and have an IRA that has never had an RMD withdrawal.

My questions below are relative to my first RMD and also for RMD's for tax year 2023 and tax year 2024:

Question(s)
Since this will be my first RMD, will the first RMD be considered a tax year 2023 RMD ? or a tax year 2024 RMD ?
If my first RMD does indeed apply to take the year 2023, does that RMD need to occur prior to calendar date 4/1/24 ?
Do I need to take a separate RMD later in calendar year 2024 for tax year 2024?
If I do need to take a 2nd RMD in the calendar year 2024 as outlined above, does the tax year 2024 RMD need to be taken by April 1st of 2024 ? or anytime in the calendar year 2024?
Thank you in advance for clarifying.

[danteclaire]

I’m 64 and 7 months old, i’m planning to withdraw my entire IRA account.
Is it possible to do it w/o tax any tax problem or penalty.

[iqhirani]

YOU DID NOT MENTIONED THE 457 ACCOUNT!!
I have 401K & 457 & I’m 71 & working & planning to retire at 72.6 … (no IRA account)….. how much or what percentage do I’ve to take out after 72?

[yannip]

Thank you so much for great video, Andy! How do you pay tax out of your RMD?

[Herbeez]

I am 72 and currently take a monthly salary from one of my IRAs with tax deductions. Does this monthly withdrawal apply as part of the RMD?