With your retirement accounts, you’ll want to make sure you know how much is enough to withdraw from your account as well as the date your withdrawal must be made by every year in order to avoid a significant penalty of 50% from the IRS. In the year your first Required Minimum Distribution (RMD) is required (generally, the year you turn 72), you have until April 1 of the following year to take it. After the first year you reach age 72, and for every year thereafter, you’ll be required to make your RMDs by December 31. However, if you turned 70½ in 2019, you must take your RMDs in 2019, 2020 and beyond.
The IRS has online resources that can help. IRS Publication 590-B covers IRA distributions including the RMD. Visit IRS.gov.
The CARES Act waived Required Minimum Distributions (RMD) for 2020. IRS Notice 2020-51 allows those who have taken their RMD in 2020 to rollover the RMD back into the account they received it from by August 31, 2020, even if the 60-day rollover has expired. For more information, please visit IRS.gov.