How do I make a Required Minimum Distribution (RMD)?
To make an RMD from your tastyworks IRA account, you'll need two things:
- Calculate your RMD amount.
- Initiate a withdrawal.
To process an RMD for the 2021 calendar year via wire or internal transfer, you must submit your IRA Distribution Form to our banking team before 11 AM Central on Friday, December 31, 2021. For RMD withdrawals via ACH or check, you must submit your withdrawal before 1 PM Central on Friday, December 31, 2021 (standard withdrawal cutoff time).
#1) How do I calculate my RMD?
To calculate your RMD, please click here to visit the IRS website and use the Required Minimum Distribution Worksheets to determine your required minimum distribution (Please note: You are leaving tastyworks.com and heading to IRS.gov).
Alternatively, you can use the SEC's Required Minimum Distribution Calculator by clicking here to help determine your required minimum distribution (Please note: You are leaving tastyworks.com and heading to investor.gov).
#2) Initiate a withdrawal
After determining your RMD amount, you may initiate a withdrawal from your Traditional IRA. You can withdraw your RMD by ACH, check, wire, or internal transfer to a non-retirement account.
ACH or Check Withdrawal
To withdraw your RMD via ACH or check, log in to your account at manage.tastyworks.com and navigate to My Money>Withdrawals. There, you can set up an ACH withdrawal to an already linked bank or send a check to the address associated with your tastyworks account. Our clearing firm charges a $5 fee for standard mail check delivery or $50 for overnight check delivery.
To learn how to link your bank account, please click here.
To learn more about ACH cutoff times, please click here.
To learn more about withdrawing by check, please click here.
Wire or Internal Transfer to a non-IRA account
To withdraw your RMD via Wire or internal transfer to a non-retirement account will require you to complete an IRA Distribution Form. You can download the form by going to our Forms & Agreements page. Send completed forms to firstname.lastname@example.org.
IRA Distribution Form Instructions for an RMD
- Under the Type of Distribution section, select Normal.
- Under the Distribution Method section, select One Time Distribution.
- For an Internal Transfer: Select To the following Apex Account and enter a non-retirement tastyworks account.
- For Wires: Select Federal Fund Wire and enter your bank's information. Outgoing domestic wires are subject to a $25 fee charged by our clearing firm.
- A notary is not necessary unless you are donating your distribution to a charity.
Our clearing firm does not have a special distribution code for distributions remitting to a charity. We encourage you to reach out to a tax professional to reflect any charitable donation when preparing your taxes.