Do you mean the RMD?  Required Minimum Distribution.  For 2020 it has been suspended due to Covid-19.

You must take your first required minimum distribution for the year in which you turn age 70½. However, the first payment can be delayed until April 1 of the year following the year in which you turn 70½. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.

If you wait to take it the next year you will also need to take the next year's RMD by Dec 31.  So you will need to take 2 RMD.

Each plan might automatically send you the amount at the beginning of the year.  Mine did.  If they are the same kind of accounts like IRA you can take the total RMD for all of them from one account or split it up.  You have to take the RMD separately from IRA and 401k accounts.

Once you determine a separate required minimum distribution from each of your traditional IRAs, you can total these minimum amounts and take them from any one or more of your traditional IRAs.

See this IRS FAQ on RMDs….

http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions

Here is a worksheet to calculate the RMD

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

No my company has a request form to take all your money out of your 401k with no penalty for relief funds because of the coronavirus but you have to say if  you want any percentage taken out for federal or state taxes now or just pay them when you file didn’t know if it would be better to let them take some now or not.

As a result of the SECURE act passed in 2020, if you have not reached the age of 70-1/2, then your first RMD does not have to be taken until you reach age 72-1/2.  If you reached the age of 70-1/2 in 2019 or earlier, you must continue to take RMDs even if you are not age 72-1/2.

Separately, the CARES act for coronavirus relief suspended the RMD requirement for everyone for the year 2020.

Yes you should have them take out tax withholding.  The distribution will be 100% taxable.  And it will increase your total income so you might be pushed into a higher tax bracket.  

Thanks . Now if I let them take the taxes out now do you still have to claim it on my 2020  when I file them

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@122joycenorman wrote:

Thanks . Now if I let them take the taxes out now do you still have to claim it on my 2020  when I file them

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You will receive a Form 1099-R for the distribution.  You report the Form 1099-R on your tax return as received.  The federal income taxes withheld will be in box 4 of the form.  The federal income withheld are entered on your tax return as a tax payment.  In the same way as federal income taxes withheld on a W-2 are reported.