CUnify does automatically calculate RMD's for us, and we are allowed to share this information with the member. A member is able to take out more than the RMD amount, if they are using an aggregate RMD amount for IRAs located at other financial institutions. This means you do not need to take out 1 RMD from each IRA, but you can total it and remove it from one singular IRA.
- In the member's account in CUnify, navigate to Member Services/Accounts/IRAs
- Click on the blue hyperlink (the name of the IRA)
- You should then see “RMD Annual Amount”
RMD regulations state that if an RMD is required to be taken from an IRA for the year, and the IRA owner is alive at the beginning of such year, the financial organization (as of December 31 the prior year) must provide a statement to the IRA owner by January 31 of the year for which the distribution is required. The statement either must include the amount and due date of the RMD, or indicate that an RMD is due by a certain date and that the financial organization will calculate the RMD on request.