What is an RMD?

RMD stands for required minimum distribution. It's the minimum amount of money you're required to take out of your retirement plan if you were 72 years old in 2024 or once you turn 73 in 2024.

RMD rules apply to all employer-sponsored retirement plans, such as pensions, profit-sharing, 401(k), 403(b), and 457(b) plans, as well as traditional IRAs and IRA-based plans, such as SEPs, SARSEPs, and SIMPLE IRAs. However, RMDs aren't required for Roth IRAs while the owner is still alive.

Your 1099-R issuer is required to follow RMD rules and regulations, so if you received a distribution and you're at least 73 years young, you can be almost certain you received an RMD. Check with your plan administrator if you're still not sure.