Your required minimum distribution (RMD) is the minimum amount you must withdraw from your account each year when you reach age 70½. You can schedule a withdrawal from your retirement account to satisfy your RMD. Here’s how:
Login to your Wealthfront account and select the “Transfer Funds” link at the top of your dashboard and then the “Withdraw Funds” option.
Select the retirement account you want to take the RMD from and select the “Normal/Qualified Distribution” option.
You’ll then select the bank account where you want the funds deposited and be asked to enter the amount you want to withdraw. Click continue and then the “Submit Withdrawal” button.
Please note that we’ll send a verification email to the email address on file. Once you verify the email we’ll execute the trades and send the funds to the bank account on file upon trade settlement. Withdrawals take approximately 3-4 business days to complete.
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This article is not intended as tax advice, and Wealthfront does not represent in any manner that the outcomes described herein will result in any particular tax consequence. Prospective investors should confer with their personal tax advisors regarding the tax consequences based on their particular circumstances. Wealthfront assumes no responsibility for the tax consequences to any investor of any transaction. Investors and their personal tax advisors are responsible for how the transactions in an account are reported to the IRS or any other taxing authority.