IRA RMD Checklist Checklist - Send to your CPA network. HARD COPIES CUSTOMIZED-Glossy card stock

IRA RMD Checklist-PDF Version
Protect clients from excess accumulation penalties and ineligible rollovers

      Checklist includes:

• Summary of RMD aggregation rules
• Summary of portability rules for RMDS
• RMD status check
• RMD calculations
• Using the right life expectancy table
• Outstanding transactions

RMD aggregation, rollovers and penalties

Retirement account owners must start taking required minimum distributions (RMD)s for the year in which they reach age 70-½ and continue for every year thereafter. Active participants in employer-sponsored retirement plans[1] are allowed to defer starting RMDs past age 70-½ until retirement, if permitted under the plan.

When a retirement account owner dies, the beneficiary of that retirement account must take RMDs. Failure to take RMDs by the deadline will result in the account owner owing the IRS a 50% excess accumulation penalty on the RMD shortfall.