Determine whether you must take an RMD for the current year (generally based on your age and account type).
Identify the accounts that require RMDs (typically traditional IRAs, SEP IRAs, SIMPLE IRAs; generally not Roth IRAs during the owner’s lifetime).
Compute the RMD for each required account or combined accounts where allowed:
For IRAs that can be aggregated (e.g., multiple traditional IRAs), calculate the total RMD across the IRAs.
Take the total distribution from one or more of the aggregated IRAs.
Use the “account balance as of December 31 of the prior year” for each account (or for the combined total, as applicable).
Divide the prior-year December 31 balance by the appropriate IRS life expectancy factor from the applicable IRS Uniform Lifetime Table (most common) or other applicable table.
If you are married and your spouse is more than 10 years younger and you use the Joint Life and Last Survivor Table, use the appropriate factor from that table.
Apply special rules for:
Inherited IRAs (use the applicable inherited IRA rules and tables, based on the relationship and whether the IRA owner died before or after required beginning dates).
Beneficiary designations and multiple beneficiaries (may require separate calculations).
For the first RMD year, ensure timing rules are met (generally by April 1 of the following year if delaying, while still taking a second RMD by December 31 of the same year).
For subsequent years, take the RMD by December 31 each year.
Confirm withholding and distribution method requirements are satisfied (elective withholding, direct distribution, etc.).
Verify the final RMD amount using the same account balance date and the correct IRS table/factor for your situation.