In IR-2018-248, the Service reminded retirees born before July 1, 1948 that most IRA owners will take an IRA required minimum distribution (RMD) by December 31, 2018.
Generally, traditional IRA, traditional 401(k), 403(b) and other qualified plan owners must take an RMD the year they reach age 70½. For 2018, this rule applies to IRA owners born between July 1, 1947 and June 30, 1948.
Normally, RMDs must be taken by December 31. The RMD is calculated using the IRS Uniform Table (with an exception for couples with one spouse more than ten years younger than the other) and is about 3.77% of the account balance on the prior December 31st.
The typical RMD increases each year from about 3.77% at age 71 to 5.35%...Learn More