Your required minimum distribution is the minimum amount you must withdraw from your account each year.
You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 if your 70th birthday is July 1, 2019 or later.
The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.”
Although the RMD applies to all qualified plans, for most pensions and annuities, there is not a set account balance in your name- the distributions come from a larger pool of funds so the RMD is calculated by the Plan Administrator.
See RMD Comparison Chart (IRAs vs. Defined Contribution Plans)
Yes, if you withdraw more than the RMD, you indicate "Only part of this distribution was an RMD".
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