RMD FAQ

You must take your total RMD amount each year. However, you can take that amount incrementally throughout the year or in a lump sum.

When you complete the Required Minimum Distribution (RMD) Request (PDF) for CB&T to calculate and distribute your RMD, you can elect to receive it in increments monthly, quarterly or semiannually, or as a lump sum annually.

In most cases, once you reach age 73, the IRS requires you to take RMDs annually from retirement plans, including traditional, SEP and SIMPLE IRAs.

There are some exceptions when the assets are still held in an employer retirement plan, like a 403(b), 401(k), profit-sharing or other defined contribution plan. If you’re still working for the employer that sponsors your plan, you can generally wait until the later of retirement or until you’re 73 to begin taking your RMD.

Consult with a tax advisor or financial professional for help on your situation.

The IRS requires you take your total RMD amount each year by December 31.

You can delay taking your first distribution until April 1 of the year after you reach age 73. If you wait, you’ll have to take two distributions in that same year: the prior year’s RMD by April 1 and the current year’s RMD by December 31.

No. You can delay taking the first distribution until April 1 of the year after you reach age 73.* If you wait, you’ll have to take two distributions in that same year: the prior year’s RMD by April 1 and the current year’s RMD by December 31.

For the years following, you must take your annual RMD by December 31.

* The SECURE 2.0 Act increased the age when required minimum distributions (RMDs) must begin from 72 to 73, effective for individuals turning 72 on or after January 1, 2023. If you reached age 72 before this date, you are still required to take RMDs.

Yes, investors can use their RMD to make a qualified charitable distribution (QCD). You can complete the Required Minimum Distribution (RMD) Request (PDF) and provide the charity’s name and address as the payee information for the check. A signature guarantee is required.

Future distribution requests may not require a signature guarantee if the amount is $100,000 or less and the check is being sent to the same organization and pay order.

Note: Federal and state withholding does not apply to QCDs, but they are still reported on Form 1099-R as normal distributions.

For accounts where CB&T automatically calculates and sends RMDs, the total amount is taken proportionately from each fund.

For accounts where the owner is calculating the RMD amount, you can designate a specific dollar amount for withdrawal from each fund.

The IRS requires you to take RMDs out of most retirement accounts at age 73. RMDs continue until your IRA account value is depleted.

No. Effective in 2023, the SECURE 2.0 Act increased the RMD age from 72 to 73. Prior to the SECURE Act of 2019, the RMD age was 70½.