An RMD is the required amount that traditional IRA, and owners and qualified plan participants, must start distributing from their retirement accounts by April 1 following the year that they turn 73. RMD amounts must then be withdrawn every year after. Generally, RMDs apply only to traditional, SEP, and SIMPLE IRAs—not Roth IRAs.
Your RMD is based on your age, your IRA’s previous year account balance, and a “life expectancy factor” that is provided by the IRS. The institution(s) where you hold your account(s) can calculate your RMD. Institutions cannot, however, see IRAs you may hold in other places, so ultimately, it is your responsibility to determine the total RMD for all of your accounts.
NOTE: If you turned 72 on or before December 31, 2022, you will be responsible for taking an RMD from your IRAs.