Removal of Excess Contributions. You may withdraw all or a December 31 of each such year. An RMD is taxable in the calendar portion of your excess contribution and attributable earnings by your year you receive it. federal income tax return due date, including extensions, for the 2. Distribution Calculations. Your RMD will generally be calculated taxable year for which you made the contribution. The excess by dividing your previous year-end adjusted balance in your IRA by contribution amount distributed will not be taxable, but the a divisor from the uniform lifetime table provided by the IRS. This attributable earnings on the contribution will be taxable in the year table is indexed to your age attained during a distribution year. This in which you made the contribution and may be subject to the 10 table is used whether you have named a beneficiary and regardless percent early-distribution penalty tax. In certain situations, you may of the age or type of beneficiary you may have named. However, if treat your excess as a regular (including catch-up) IRA contribution for any distribution year, you have as your only named beneficiary for the next year. If you timely file your federal income tax return, for the entire year, your spouse, who is more than ten years you may still remove your excess contribution, plus attributable younger than you, the uniform lifetime table will not be used. To earnings, as late as October 15 for calendar year filers. calculate your RMD for that year, you will use the ages of you and
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Samples: Customer Agreement, Customer Agreement, Customer Agreement
