The opportunity to request a Required Minimum Distribution earlier in the year provides peace of mind knowing this requirement is complete.
The IRS provides worksheets and tables for calculating your RMD amount.
Equity Trust also provides a RMD calculator.
If you have more than one Traditional IRA with one or more custodians, we suggest you seek guidance from a tax advisor on the best way to take your distributions.
For example, some individuals prefer to take an amount from each account with each custodian, while others might find it more beneficial to take the total amount from one account held at one custodian.
You can withdraw more than the RMD amount from your account as you see fit, but that ‘excess’ amount is not applied to the next year’s RMD nor can you roll your RMD amount into a Roth IRA or other tax-deferred account. Seeking guidance from a qualified third party is advised.