By Sarah Brenner, JD
Director of Retirement Education
Follow Us on Twitter: @theslottreport

If you have an IRA, you should know that the funds that are in the account can’t stay there forever. The rules say that you must begin to take required minimum distributions (RMDs) from your IRA once you reach your golden years. How well do you know the RMD rules? Take our RMD Quiz and find out!

Meet Gary, who is about to embark on his retirement years. This year, 2022, has been a great year for Gary. He just retired from his job, and he celebrated his 72nd birthday. He has a traditional IRA, a Roth IRA and a 401(k) plan. The sole beneficiary of all three of his retirement accounts is his wife, Linda, age 60. Can you answer the following five questions about Gary and his RMD? The correct answers can be found at the bottom of the quiz.
1. From which retirement accounts will Gary need to take RMDs for the year 2022?

A. His Traditional IRA and his Roth IRA

B. His Traditional IRA and his 401(k)

C. All three retirement accounts


2. What is the deadline for Gary to take his first RMD from his traditional IRA?

A.     December 31, 2022

B.     December 31, 2023

C.     April 1, 2023

D.    April 15, 2023


3. To calculate his first IRA RMD, Gary should use which IRS life expectancy table?

A. The Single Life Expectancy Table

B. The Uniform Life Expectancy Table

C. The Joint Life Expectancy Table


4. Gary can satisfy the RMD from his traditional IRA by taking it instead from either his Roth IRA or his 401(k).

A. True

B. False


5. If Gary fails to take his IRA RMD by the deadline, he will be subject to what penalty?

A. A 6% penalty

B. A 10% penalty

C. A 25% penalty

D. A 50% penalty


Answers: 1. B, 2. C, 3. C, 4. B, 5. D


Ready To Take



For more information about any of our products and services, schedule a meeting today.

Or give us a call at (803) 242-1050

Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. Nothing on this website constitutes investment, legal or tax advice, nor that any performance data or any recommendation that any particular security, portfolio of securities, transaction, investment or planning strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations, execution of required documentation, and receipt of required disclosures. Investments in securities involve the risk of loss. Any past performance is no guarantee of future results. Advisory services are only offered to clients or prospective clients where Foundations and its advisors are properly licensed or exempted. For more information, please go to https://adviserinfo.sec.gov and search by our firm name or by our CRD #175083.

 ADV Part 2A & Form CRS              Privacy Policy             Form CRS