Required minimum distribution


Q. My mom, who doesn’t know English, turned 70½ on Aug. 4, 2011. She has IRAs at two different places:  Vanguard and Bank of America. My mom has already satisfied her 2011 Vanguard required minimum distribution before April 1, 2012, because it was her first RMD. The Vanguard 2011 RMD was calculated by Vanguard and mailed to my mom, by the way. Was she also required to take a Bank of America RMD?  If so, oh no! What’s the best way to proceed?

A. In general, an RMD must be calculated for each IRA, and the total RMD for all accounts must be satisfied. You’ll want to withdraw the required amount as soon as possible, but forms need to be filed and penalties may need to be paid. You can review IRS Publication 590, search the Internet for “missed RMD” or contact a qualified tax preparer for guidance on how to proceed.


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Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to and view his blog at

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