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Where do I find the amount required to withdraw from my Chase IRA for 2020-21?

Where do I find the Required Minimum Deduction from my IRA?
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6 Replies

Where do I find the amount required to withdraw from my Chase IRA for 2020-21?

A lot of plans will send you a letter at the beginning of the year saying how much RMD you need to take.  Did you just turn 72? Will this be your first RMD?

 

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

 

IRS Publication 590B on IRA Distributions

https://www.irs.gov/pub/irs-pdf/p590b.pdf

Where do I find the amount required to withdraw from my Chase IRA for 2020-21?

Oh by the way,  there was no RMD required for 2020.   They suspended it.  And if you took a 2020 withdrawal you could pay the tax over 3 years.  

Where do I find the amount required to withdraw from my Chase IRA for 2020-21?

spreading out tax on distributions was available only if you tested positive for or were affected by COVID-19.

 

Where do I find the amount required to withdraw from my Chase IRA for 2020-21?

@kickingass1 - what is prompting your ask? can you please indicate what you were born? have you asked Chase? 

 

if you are simply asking where to find our how much was distributed in those years, look for form 1099-R. it's on there. 

 

as stated by others, there was no required minimum distribution for 2020, so that answer is zero. 

 

 

 

 

Where do I find the amount required to withdraw from my Chase IRA for 2020-21?

First of all, an RMD is not a specific transaction.  It is the minimum amount you must withdraw based on your age and the size of the account.  You could meet the RMD any way you want, and you can always withdraw more.  For example, if your RMD was $5000, you could meet that by withdrawing $5000 on December 28, but you would also meet that if you withdrew $500 per month for living expenses.

 

The amount is calculated based on the balance in the account at the end of the year, and your age, using a formula provided by the IRS.  There are some modifications based on what kind of account it is, so we can't really tell you without more information.  Your broker should be able to tell you, and will usually send a letter or notification toward the end of the year to remind you.

 

There was no RMD for 2020, it was suspended due to COVID.  You pay tax on whatever you did withdraw, but if you did not make a withdrawal, you will not be penalized.

 

If you were required to take an RMD for 2021 and did not, you are facing a substantial penalty.  You need to withdraw the money now that you should have withdrawn in 2021, and apply for a waiver of the penalty.  We have instructions on how to do this but you need to make the withdrawal ASAP and then let us know.  

TomD8
Level 15

Where do I find the amount required to withdraw from my Chase IRA for 2020-21?

@NCperson wrote:   "have you asked Chase?" 

 

That should be your starting point to get your questions answered.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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