In most cases, retirees who are 70 1/2 must make required minimum distributions by the end of the calendar year, but there is a special rule for this year that allows the taxpayer to delay the RMD until April 1, 2019.
Taxpayers born after June 30, 1947, and before July 1, 1948, may take advantage of this special rule. The RMD applies to 2018, but is taxed in 2019. This rule only applies if this was the first year that the RMD was required.
What type of retirement plans are included? Traditional and Simple IRAs, SEP, 401k, 403(b), 457(b)
How is the RMD (Required Minimum Distribution Calculated? IRA trustees must either report it or offer to calculate it for the taxpayer. Form 5498 is the typical form that will have this information reported on it. Otherwise, it is calculated by by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that IRS publishes in Tables in Publication 590-B, This is done for each account the taxpayer has.
The RMD must be calculated separately for each IRA the taxpayer owns, but the total amount of the RMD can be withdrawn from one or more of the IRAs. However, the RMD’s from the 401k, 403b and other workplace retirement plans have to be taken separately from each of those plan accounts.