Can I take more than my RMD?
Use your retirement money when you need it.
Your required minimum distribution (RMD) is the minimum amount you must withdraw out of your IRA every year once you reach age 72*, but you're free to take more than your RMD without penalty. Any withdrawals will be taxed the same way your RMD is currently taxed—as ordinary income (except for any portion of such withdrawals that's considered a return of nondeductible contributions).
For more information about the rollover rules, go to irs.gov or consult a tax advisor.
*The age at which you must begin taking RMDs differs depending when you were born:
- If you were age 70½ before January 1, 2020 (born before July 1, 1949), you were required to begin taking RMDs for each year beginning with the year you turned age 70½.
- If you were not age 70½ before January 1, 2020 (born after June 30, 1949), you must begin taking RMDs for each year beginning with the year you turn age 72.
All distributions, including your RMD, will be reflected on your Form 1099-R the following year.