This year I'm 70, I need to take RMD. Two questions: (1) What document(s) say the amount of RMD to take? (2) At year end, what documents will say the amount I did take?

[VolvoGirl]

You need to take it the year you turn 70 1/2. So when do you turn 70?  You have until April 1 of the year following you turn 70 1/2.  So the first RMD you can wait to take it. But then you will have to take 2 RMD that year.

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.

See this IRS FAQ on RMDs….
<a rel="nofollow" target="_blank" href="http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Required-Minimum-Distributions">...>
 
Here is a worksheet to calculate the IRA RMD
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf">https://www.irs.gov/pub/irs-tege/uniform_rmd...>

You will get a 1099R at the end of the year you take the distribution.  

[rjs]

The IRA custodian should tell you the RMD amount that you have to take, either by sending you a letter or when you access your account on their web site. If they don't send it to you automatically, ask them to tell you the amount.

[fanfare · Accepted solution]

See IRS Pub 590B at www.irs.gov to learn how to calculate the RMD yourself.

The custodian can only go by the amount they hold in an IRA for you.

They don't know about any other IRAs you have.

You are ultimately responsible to calculate the RMD for the total of all your IRAs.

[Anonymous]

assuming you're talking about your own IRA or other personal retirement account, the law says that you can wait until the year following the year you turn 70 1/2 to take your first RMD which must be taken by 4/1 of that year.  however, you must also take a second RMD by 12/31 of the same year.   for example you turn 70 1/2 in 2019. you must take your first RMD by 4/1/20 (this is you 2019 RMD)  and a second RMD by 12/31/20 (this is your 2020 RMD).   Both are taxed in 2020.   As an alternative, you can always take your first RMD any time in 2019, taxable in 2019, and thus you would only be required to take 1 RMD in 2020, taxable in 2020. 

Most trustees will notify you of the amount, but in any event it is your responsibility to notify the Trustees to make the RMD and to notify them of any taxes you want withheld.  Do not wait until the last minute to notify them. It may take them some time to actually make the distribution,.  As a tax preparer for over 40 years, too many times I seen where the request is made in late December and the check is not issued until the following year.  Guess what.   You have failed to take the RMD for the year in question and are subject to a 50% penalty on the amount not withdrawn.    You may be able to escape the penalty by enclosing with the return for that year a reasonable explanation and a promise it won't happen again.  However, waiver of these penalties are at the discretion of the IRS. 

The Trustee will issue you a 1099-R so you can report the amounts on your tax return. .