Required Minimum Distributions (RMD)
What TD Ameritrade Does
- Calculates the RMD for accounts held at the custodian. Note: TD Ameritrade does not calculate the RMD for beneficiary IRAs or for accounts that were transferred in after December 31 of the prior year.
- Reports to Bay Point the amount of the RMD, the amount distributed year-to-date, and any remaining balance that needs to be distributed.
What Bay Point Does
- Calculates the RMD for new accounts and Beneficiary IRA accounts held at TD Ameritrade.
- Makes sure that the RMD from accounts held at TD Ameritrade are completed before year-end.
- For clients who make charitable donations from their IRAs, asks the client for the charities and amounts they would like to donate. Includes these in our calculations and distributions.
- Submits the distribution form to TD Ameritrade before year-end.
What You Do
- If making charitable donations from your IRA, let Bay Point know the charities and amounts you would like to donate by October.
- For any annuities, IRAs, or other retirement accounts held outside TD Ameritrade, contact the institution and request the required distribution each year. Depending on the institution, you may need to calculate the required amount.