Required minimum distribution

[hoopzww]

I will be 70 1/2 years old in October of 2018 ---does any $ taken from IRAs during the year count as Required Minimum Distribution (like beginning 1/1/2018) or do I need to wait until I actually reach 70 and 1/2 before a withdrawal counts as a RMD?

[Howard1948 · Accepted solution]

From IRS Publication 590-b:

"Distributions by the required beginning date. 

You must receive at least a minimum amount for each year starting with the year you reach age 70½ (your 70½ year). If you do not (or did not) receive that minimum amount in your 70½ year, then you must receive distributions for your 70½ year by April 1 of the next year.

If an IRA owner dies after reaching age 70½, but before April 1 of the next year, no minimum distribution is required because death occurred before the required beginning date."

So any distribution occurring at any time during the year in which you turn 70-1/2 can be considered part of a RMD.

[dmertz]

Note, however, that if you plan to make a QCD to satisfy some of your RMD, you'll have to wait until you reach age 70½ to distribute that portion because a Qualified Charitable Distribution can only be made after you actually reach age 70½.  Any amounts distributed prior to reaching age 70½ will still be RMD, but will not be QCD even if transferred to charity; amounts transferred to charity prior to age 70½ would instead have to be reported as a Schedule A deduction.