Required Minimum Distribution (RMD)
Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 70½.
More from H&R Block
Beginning April 1 of the year after you turn 70 ½, you must begin taking the required minimum distribution (RMD) from your IRA, 401(k) or 403(b) account. Roth IRAs do not have a RMD until the owner dies. The RMD is calculated based on your projected life expectancy as shown on the IRS Uniform Lifetime Table, and the total amount in your account at the end of the preceding calendar year. Most financial services that hold retirement accounts will calculate this amount for you and advise you of the amount you must withdraw before the end of the year. However, the responsibility to take the required amount is yours and failure to withdraw your RMD will result in a 50% penalty if you do not take out the required amount.
Need help from a tax professional? Learn more about H&R Block’s Tax Audit & Notice Services.
Get help from an IRS expert
H&R Block’s experts can solve any IRS problem, no matter how complex.
Learn about the different options when you can't pay or still owe money from a past return from the tax experts at H&R Block.
Learn about IRS return and account problems that you may encounter when filing taxes from the tax experts at H&R Block.
The IRS grants four types of penalty relief, but many taxpayers don't ever ask. Learn how to request penalty abatement from the IRS.
Get the facts from H&R Block about IRS payment options when you can't pay your tax bill, including short-term extensions, monthly payment plans, and more.
Requesting your tax transcripts is the best way to research your IRS tax account. You can also authorize your tax pro to communicate with the IRS for you.