RMD Withdrawal - Ask Extension
My bank doesn't know how to handle a RMD withdrawal, can you tell me what forms I need so I can tell bank . I was asked to bring a copy of my last yea...
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RMD Withdrawal #413618
Asked July 12, 2017, 9:19 AM EDT
My bank doesn't know how to handle a RMD withdrawal, can you tell me what forms I need so I can tell bank . I was asked to bring a copy of my last years withdrawl, but I can't find it.
Anne Arundel County Maryland
Expert Response
You don't need a special form. All you need is the statement (1099-R) from your account custodian that indicates what your account was worth on December 31 of the previous year. You must simply withdraw at least the required amount indicated by the following table by December 31 of each year. See http://njaes.rutgers.edu/money/ira-table.asp and https://articles.extension.org/pages/39796/what-is-the-required-minimum-distribution-rmd-rule-for-ta... and http://articles.extension.org/pages/27766/how-to-make-required-minimum-withdrawals-from-retirement-s... for details.
