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Managing Your Account
Traditional IRA, SEP IRA, or SIMPLE IRA account owners are required to begin taking minimum distributions from the account when they reach age 72 and continue taking these annual minimum distributions for as long as they hold the account.
The IRS gives you until April 1 of the year following the calendar year in which you reach age 72 to make the first withdrawal. Going forward, your RMD must be withdrawn by December 31 of each calendar year for as long as you hold the account.
If your IRA’s value is primarily in alternative assets, such as real estate or promissory notes, you may be faced with a challenge as those assets are illiquid. Consulting with a qualified tax professional or financial advisor can assist you in evaluating your options to determine the best approach. When your account holds an asset such as real estate, potential options might include:
If you choose to distribute a portion of the asset personally, there are processes to make sure the asset’s value is up to date and you have the asset re-titled to reflect the change of ownership. Contact Equity Trust to determine the process and documentation needed to facilitate the distribution, revaluation, or sale of the asset. Again, a qualified advisor can review the aspects of each option with you.
[Related: Required Minimum Distribution FAQs]
You can take a distribution through Equity Trust’s online account management system myEQUITY: navigate to Money Movement > Distribution to get started.
If you’ve already completed your RMD, the end of the year might be a time to explore with a financial advisor if there any options to possibly adjust the tax impact for future RMDs.
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