X ____________________________________________________________________ __________________________
IRA Owner’s Signature Date (MM/DD/YYYY)
A. Determining the Calculation Method for the Required Minimum Distribution (RMD).
In order for us to determine the method to use in calculating your RMD, you must read the three statements
listed below. Please check this box if ALL of the following statements are correct.
All of the following statements are true:
• My spouse is the only primary beneficiary of this IRA.
• My spouse will be the only primary beneficiary for the entire calendar year.
• My spouse’s birth year is more than 10 years after mine.
If you check this box, please provide the following information:
_____________________________________________ __________________________
Spouse’s Name Spouse’s Year of Birth (YYYY)
Note: You cannot use this form to change beneficiaries. To change beneficiaries, you must complete an
IRA Beneficiary Designation form. If the above box is checked, we will make payments based on the
above statements and your payment selection below. This may result in you owing additional taxes if any
of the above statements are not correct.
B. How would you like to receive your required IRA distributions? (CHECK ONE OPTION ONLY)
1. I do not want the financial organization to calculate and distribute my payment. I will be responsible for
determining the total amount of my required payments each year, and withdrawing this amount from
my traditional IRAs. (Skip C-E and the Federal Withholding Election section below.)
2. I want a single lump-sum payment to close my IRA. (If you want to receive your payment immediately,
do not return this form. Instead, complete an IRA Withdrawal Authorization form, which you can get
at the financial organization. If you want your payment at a later date, complete C, E, and the Federal
Withholding Election section below.)
3. I want payments over___________ years, or the time period used to compute my RMD, whichever is
shorter.
4. I would like $____________ per payment, or my RMD, whichever is more.
5. I would like my RMD (This is the minimum amount required by law).
C. When would you like your payments to begin (or, if applicable, your lump-sum payment to be made)?
________________ Date (MM/YYYY) (Fill in the month and year only. The date you indicate cannot be later
than April 1 of the year you will reach age 73. If you do not receive your first year’s payment until the year you
reach age 73, you will receive two years’ worth of payments in that year.)
D. How often would you like to receive payments each year? (check one box only)
1. Monthly 2. Quarterly 3. Semiannually 4. Annually
E. How would you like to receive your payments? (check one box only)
1. By check/share draft.
2. Deposited directly into my account at the financial organization. Account #: ___________________
Stock # 80055
2318 (Doc Code 18)
(Rev. 4/2020)
TRADITIONAL IRA RMD
PAYMENT ELECTION (FORM 2318)
©2020 Ascensus, LLC
FEDERAL WITHHOLDING ELECTION (Form W-4P/OMB No. 1545-0074)
Complete an IRA State Income Tax Withholding Election (Form 2312), if applicable.
Your withholding election will remain in effect for any subsequent withdrawal unless you change or revoke it.
(Check One)
1. WITHHOLD _________% (Must be 10% or greater.)
WITHHOLD ADDITIONAL federal income tax of $ _______________ (if applicable)
2. DO NOT WITHHOLD federal income tax.
CID# (Organization will complete.)
Social Security Number IRA Suffix
Please Print or Type
Financial Organization Name
IRA Owner’s Name (First, Initial, Last)
Account Number
KINECTA FEDERAL CREDIT UNION
click to sign
signature
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