What is a Required Minimum Distribution (RMD), and who is required to take one?
A mandatory withdrawl of assets from a Traditional, SEP or SIMPLE IRA based on the life expectancy of the IRA owner, which begins in the yearthat the IRA owner turns 70.5 years old, each subsequent RMD is taken yearly by December 31st. For 2009, those taking their second or subsequent RMDs have the option to opt out of taking the RMD this year. Please contact your tax professional for assistance with RMDs.
