The end of 2016 is quickly approaching. If you are 70.5 years old (or older) or you are the owner of an Inherited IRA, you are required to take a minimum distribution from your IRA before December 31, 2016.
If you are a first-time RMD taker, you have the option to delay your 2016 distribution to April 1, 2017, however this will require you to take two distributions in 2017.
Options for taking your distribution include:
1. A check to your address of record.
2. A MoneyLink or wire to your bank account.
3. Journaling of cash or shares to a non-retirement account.
4. A contribution made out in the name of a chosen charity (maximum $100,000). In 2015, President Obama signed a legislative package that included making charitable distributions a permanent tax break.