IRA Required Minimum Distributions - Ken Golliher

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IRA Required Minimum Distributions
Answer by Ken Golliher, BOL Guru
Guru BIOS

Question: Are banks required to distribute IRA funds to 70 1/2 year old customers, or is it the customer's responsibility?

Answer: The penalty for "excess accumulations" is assessed against the taxpayer, not the IRA custodian. So, legally, it is the customer's responsibility to assure that the RMD is withdrawn in a timely fashion. Nevertheless, your institution is responsible for advising the customer that the RMD is required and the date by which it must be withdrawn.

First published on BankersOnline.com 3/21/05

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