All I Need to Know About RMDs!
Required Minimum Distributions
What is RMD?
April 1st of the year following client turning RMD age
What is Required Beginning Date
Individual elects to distribute the full account balance by December 31st of the tenth year following the year of the account owner's death.
What is the 10 Year Rule?
Client would like to satisfy their RMD today. Client would like to move their Hershey stock and Disney stock to her Granddaughter's Single account. What type of distribution is this?
What is In-Kind Distribution?
70.5 and older donate funds from their IRA
What is a QCD?
Client completed a full T-IRA transfer and provide the branch the FMV/Dec 31st end of year balance.
What is a transferred in Balance?
Balance used to calculate a RMD
What is Dec 31st of Previous Year?
What is a Stretch Option?
IRS Form provided to clients when a distribution occurs in Retirement Accounts.
What is IRS Form 1099r?
December 31st prior year account balance/Client's life expectancy factor
What is the RMD Formula?
Check, QCD, SWPS/TaSc, wire out, ACH out, In-kind Distribution or 100% Withholding
What distribution options does a client have when satisfy their RMD?
Seps, Simple IRA, inherited IRAs for an Estate or Trust, or Qualified Plans
What accounts are not eligible to process a QCD from?
Request a correction, move funds to a special account, Tax withholding, to close a Retirement account, Distribution, or a deposit, etc.
What is Form Messages?
Tax withholding document must be on file for Client's to take a distribution in-kind
What is Special Services?
Annuity Net
What is Annuity Services?
Calculating the _______ and losses because the funds were in the account and should not been
What is Earnings?
The system will ignore any cash available in the account.
"DAILY DOUBLE"
What is Auto Sell?
The process is used when a trustee of a trust or the executor of an estate wants to transfer inherited IRA assets to IRAs for the individual trust or estate beneficiary(ies) rather than maintaining assets in an Inherited IRA for the trust or estate.
What is a Division & Assignment Inherited IRA?
The client will not go over their RMD amount each year.
What is Net Distribution?
Successor Inherited IRA, Division & Assignment, Qualified Trust Inherited IRAs, Inherited IRA' that did not have a Dec 31st balance of previous year.
What are the accounts Jones will not calculate an RMD on?
Roth Conversions, fees and overnight fees.
What does not count as satisfying an RMD?
Client is 76 years old, his RMD for previous year was $53500.00 and this year it is $54500.89. Client took out $53499.00 last year and this year he has taken out $545001.89.
What is a Missed RMD?
December 31st of the year following death of the original account holder
What is the last day for a Beneficiary Payout Election option to be Changed/Edited?
Does not require a Tax withholding LOA
What is 100% Dollar amount withholding?
Dec. 27th of 2024
"DAILY DOUBLE"
What is the last pay period for 2024?