FAQs  > Topic: IRA
Required Minimum Distributions (RMDs) are minimum amounts that traditional IRA, SEP IRA, SARSEP IRA and SIMPLE IRA account holders must begin taking a RMD starting with the year that he or she reaches 70 ½ years of age. The first RMD payment may be delayed until April 1st of the year following the year in which he or she turns 70 ½. For all subsequent years, including the year in which the first RMD was paid by April 1st, the account owner must take the RMD by December 31st of the year.
Required Distribution Calculations
Generally, a RMD is calculated for each account by dividing the prior December 31st balance of that IRA account by a life expectancy factor that IRS publishes in Tables in Publication 590. An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. Please consult with a qualified tax professional if you have questions or concerns regarding your requirements.
Instructions to Fulfill Required Distribution Requirement
Complete the required minimum distribution form
If you choose, our clearing firm, Apex Clearing Corporation, will calculate your required minimum distribution for your OptionsHouse account with the appropriate IRS Table using the RMD Withdrawal Statement.
Fax RMD Withdrawal Statement to OptionsHouse at 312-284-4775
Or mail it to:
10 S. Riverside Plaza
Chicago, IL 60642
It is important that you take appropriate action by the required deadline. If an account owner fails to withdraw a RMD, fails to withdraw the full amount of the RMD, or fails to withdraw the RMD by the applicable deadline, the amount not withdrawn is subject to taxation at 50%.
IMPORTANT: Neither OptionsHouse, LLC nor any of its affiliates provide investment or tax advice. Because the criteria you choose can impact your tax obligations, before you take any action you should always consult with your tax professional.