This article provides guidance on calculating Required Minimum Distributions (RMD) for multiple retirement accounts. It emphasizes that while RMDs must be calculated separately for each account, investors can choose to withdraw the total RMD from one IRA. Calculating RMDs involves determining the year-end balance of each account. It is crucial to understand the implications of RMDs, especially after reaching age 73, as these pertain to tax-deferred accounts like IRAs and 401(k)s.
If you have multiple retirement accounts, you must calculate your required monthly distributions for each one of them separately. However, you may aggregate your RMD amounts for all your IRAs and withdraw the total from one IRA or a portion from each of your IRAs.
To calculate your RMD, there are four key steps. One, determine your prior year-end balance. You must take RMDs from tax-deferred retirement accounts after reaching age 73.
Collection
[
|
...
]