Required Minimum Distributions (RMD) are due by December 31, but you do not need to wait until the end of the year to take care of this obligation. The IRS requires you to take withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½ and every year after. Roth IRAs do not require withdrawals during the life of the account holder.
The IRS offers many references for understanding RMDs.
Here are a few to help you learn more about this topic:
IRS Publication 590-B: Distributions from Individual Retirement Arrangements (IRAs)
IRS Publication 560: Retirement Plans for Small Business
A quick reference chart and FAQ for the basics of Required Minimum Distributions
The IRS also provides worksheets and tables for calculating the RMD amount
As with all important financial decisions, consider consulting a tax or financial advisor before making any financial decisions.
Equity Trust Company requires a completed Distribution Form from clients requesting a distribution. This form is also used for requesting your Required Minimum Distribution. You can locate this form by logging into myEQUITY or by contacting a Client Service Representative.