IRA RMD Checklist-PDF Version
Protect clients from excess accumulation penalties and ineligible rollovers
- 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 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.
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 Qualified plans such as 401(k)s and pension plans, 403(b) plans and governmental 457(b) plans.