If you have a Traditional, Rollover, Inherited, SEP, or SIMPLE IRA, you'll need to take an RMD. Which types of IRAs require me to take an RMD? However, keep in mind that your withdrawal will be taxed as ordinary income, and any excess that you take out does not count toward your RMD amount for future years. Yes, you can always take out more than the RMD amount. The amount is determined by the fair market value of your IRAs at the end of the previous year, factored by your age and life expectancy. Want to convert your Traditional IRA to a Roth? Learn more about Roth IRA conversions.Īn RMD is the annual Required Minimum Distribution that you must start taking out of your retirement account after you reach age 73. Required minimum distributions are not required for Roth IRAs unless you have established an inherited/beneficiary IRA.
