Question 1

What is a Required Minimum Distribution (RMD)?

Accepted Answer

An RMD is the minimum amount you must withdraw annually from your tax-deferred retirement accounts such as traditional IRAs, 401(k)s, and 403(b)s. The IRS requires these withdrawals so that retirement savings are eventually taxed as income. Your RMD is calculated by dividing your account balance (as of December 31 of the prior year) by a distribution period from the IRS life expectancy tables.

Question 2

At what age do RMDs begin?

Accepted Answer

Under the SECURE Act 2.0, the RMD starting age depends on your birth year. If you were born between 1951 and 1959, RMDs begin at age 73. If you were born in 1960 or later, RMDs begin at age 75. Roth IRAs do not have RMDs during the owner's lifetime, though inherited Roth IRAs may be subject to distribution rules.

Question 3

What happens if I miss my RMD deadline?

Accepted Answer

Under current rules, failing to take your full RMD results in a 25% excise tax on the amount not withdrawn (reduced from the previous 50% penalty by SECURE Act 2.0). If you correct the shortfall within 2 years, the penalty drops to 10%. Your RMD must be taken by December 31 each year, except for your first RMD year, when you have until April 1 of the following year.

Question 4

How does the SECURE Act 10-year rule affect inherited IRAs?

Accepted Answer

For most non-spouse beneficiaries who inherit an IRA from someone who died after 2019, the entire account must be distributed within 10 years of the original owner's death. There are no annual RMD requirements within those 10 years, but the account must be fully emptied by the end of the 10th year. Eligible designated beneficiaries (surviving spouses, minor children, disabled or chronically ill individuals, and beneficiaries not more than 10 years younger) may still use the life expectancy method.

Question 5

When should I use the Joint Life Table instead of the Uniform Lifetime Table?

Accepted Answer

You use the IRS Joint Life and Last Survivor Expectancy Table only if your spouse is the sole beneficiary of your retirement account and is more than 10 years younger than you. This table produces a longer distribution period, which results in a smaller annual RMD. In all other cases, including when you have no beneficiary or a non-spouse beneficiary, you use the Uniform Lifetime Table.

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