Additional Required Minimum Distribution (RMD) rules:

• Traditional IRA, SEP IRA, SIMPLE IRA and 401(k) participants are required to distribute a minimum amount from their retirement plan when they reach the age of 73
• Their first year RMD can be postponed until April 1st of the year following the year they turn age 73
• There is a 50% penalty associated with failure to take an RMD. For Solo 401(k) plans failure to distribute an RMD is a plan qualification issue and must be addressed using the IRS Correction program
• The prior year end balance must be adjusted by any outstanding rollovers and transfers
• For individual Solo 401(k) plans Designated Roth contributions and after-tax contributions are included in the balance determination
• Roth accounts are not subject to (RMDs) while the Roth holder is alive
• This calculation may be superseded if the Traditional 401(k) or Plan Participants names a spouse as the sole beneficiary and the spouse is greater than 10 years younger. The joint life expectancy table may be used to further reduce the RMD
• 5% owners cannot delay taking their RMD
• In the event of a beneficiary's death the calculation will be affected in the year after death
• In the event of a divorce, the calculation will only be affected in the year after death unless the IRA holder or participant changes the beneficiary election in the year of the divorce
• For beneficiaries who need to satisfy the (+G14:X14RMD) in the year of death will calculate the RMD as if the IRA holder or participant was alive for the entire year of death
• Each beneficiary must satisfy their proportionate share of the RMD based on the beneficiary designation form allocated percentages
• RMD distributions paid to a beneficiary, Trust or Estate must the beneficiary's SSN, Trust and Estate EIN