For some of us folks older than 70½ with an IRA, we must take our RMD before December 31st of this year. This is just a reminder to not forget. If you are turning 70½ this year, then you have until April 1st of 2016 to make the withdrawal. The IRS says
“You must take your first required minimum distribution for the year in which you turn age 70½. However, the first payment can be delayed until April 1 of the year following the year in which you turn 70½. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.”
As with all things IRS, this can get complicated so I encourage you to look at the site:
This site will tell you more than you ever wanted to know about IRA RMDs. However, knowing how to do the RMD correctly is quite important as the penalty for not doing so in a timely manner is quite stiff!
You can calculate the amount of each RMD using the IRS provided work sheet after referring to the tables referenced on the site above.
Good luck — and don’t forget your RMD!