How to Withdraw Money From an IRA Account After Age 70
- 1). Call the IRA custodian at the number listed on your statement. Request a distribution form from the customer service representative. Some custodians have a RMD form specific for annual calculations and distributions for the RMD.
- 2). Complete the distribution form. Select the IRS life expectancy table you wish to use; there are three that affect the amount of the RMD. The Joint and Life Survivor Table is for owners married to a spouse more than 10 years their junior. The Uniform Lifetime Table is used by married couples without a large age gap, and the Single Life Expectancy Table is used by single filers. Your custodian calculates the amount once you choose the table, though you can review these tables for better understanding at the IRS website.
- 3). Sign the distribution form and submit it back to the custodian. Some custodians accept the form via fax or email scan.
- 4). Get the check and cash it. This is a taxable distribution that is added to gross income. A 1099-R is sent to you in January so you can record the taxable portion on Line 15 of IRS Form 1040 when filing your income tax return.
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