REQUIRED DISTRIBUTIONS FROM A TRADITIONAL IRA. You are required to begin receiving minimum distributions from your IRA by your required beginning date, which is defined as:
REQUIRED DISTRIBUTIONS FROM A TRADITIONAL IRA. Note that the IRS Uniform Lifetime Distribution Period Table referenced in the Traditional IRA Disclosure Agreement for use in calculating Required Minimum Distributions (RMDs) has been updated. The updated Table is applicable for distribution calendar years beginning on or after January 1, 2022. Until such time as the IRS updates Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), the updated Tables can be found in the Federal Register article located at xxxxx://xxx.xxxxxxx.xxx/content/pkg/FR-2020-11-12/pdf/2020-24723.pdf. The Uniform Lifetime Table can be found on page 7 of 32 of the article.
REQUIRED DISTRIBUTIONS FROM A TRADITIONAL IRA. You are required to begin receiving minimum distributions from your IRA by your required beginning date (April 1 of the year following the year you attain age 70½). The year you attain age 70½ is referred to as your "first distribution calendar year". Your required minimum distribution for each year, beginning with the calendar year you attain age 70½, is generally based upon the value of your account at the end of the prior year divided by the factor for your age (derived from the IRS Uniform Lifetime Distribution Period Table). This table assumes you have a designated spouse beneficiary exactly 10 years younger than you. However, if your spouse is your sole beneficiary and is more than 10 years younger than you, your required minimum distribution for each year is based upon the joint life expectancies of you and your spouse. The account balance that is used to determine each year's required minimum distribution amount is the prior year end fair market value (value as of December 31st), adjusted for outstanding rollovers, transfers and recharacterizations (that relate to a conversion or failed conversion made in the prior year). You are responsible for notifying the Custodian of any outstanding amounts. If the amount distributed during a taxable year is less than the minimum amount required to be distributed, you will be subject to a penalty tax equal to 50% of the difference between the amount distributed and the amount required to be distributed. You are responsible for monitoring this schedule from year to year to make sure that you are withdrawing the required minimum amount. If you are subject to a federal penalty tax due to a missed required minimum distribution, you must file IRS Form 5329. However, no payment will be made from this IRA until you provide the Custodian with a proper distribution request acceptable by the Custodian. Upon receipt of such distribution request, you may switch to a joint life expectancy in determining the required minimum distribution if your spouse was your sole beneficiary, as of the January 1st of the calendar year that contains your required beginning date, and such spouse is more than 10 years younger than you. The required minimum distribution for the second distribution calendar year and for each subsequent distribution calendar year must be made by December 31 of each such year. A required minimum distribution election form is available from the Custodian.
REQUIRED DISTRIBUTIONS FROM A TRADITIONAL IRA. Note that the IRS Uniform Lifetime Distribution Period Table referenced in the Traditional IRA Disclosure Agreement for use in calculating Required Minimum Distributions (RMDs) has been updated. The updated Table is applicable for distribution calendar years beginning on or after January 1, 2022. Until such time as the IRS updates Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), the updated Tables can be found in the Federal Register article located at xxxxx://xxx.xxxxxxx.xxx/content/pkg/FR- 2020-11-12/pdf/2020-24723.pdf. The Uniform Lifetime Table can be found on page 7 of 32 of the article. INHERITED IRA APPLICATION AND ADOPTION AGREEMENT 5 COMBINED DISCLOSURE STATEMENT 11 TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT DISCLOSURE 13 XXXX INDIVIDUAL RETIREMENT ACCOUNT DISCLOSURE 19 TRADITIONAL IRA CUSTODIAL ACCOUNT AGREEMENT 22 XXXX XXX CUSTODIAL ACCOUNT AGREEMENT 27 PRIVACY POLICY 32
