Here's how to withdraw funds or assets from your Entrust account.
Understanding how to take a distribution or request your required minimum distribution (RMD) is essential for IRA holders.
The IRS requires individuals over the age of 73 to take RMDs from their retirement accounts. Failing to take the correct amount can result in significant penalties — up to 25% of the amount that should have been withdrawn. Knowing how to properly take distributions helps ensure you meet your tax obligations and avoid unexpected tax liabilities.
This guide provides step-by-step instructions for taking a distribution or requesting your RMD through the Entrust Client Portal:
- Initiate the Distribution: After logging in, navigate to the "Quick Links" box and click on "Take Distribution."
- Select Your Account: Choose the account from which you want to take the distribution. Specify if it is a full distribution (distributes everything and closes the account with a $250 termination fee) or a partial distribution for an RMD.
- Specify Distribution Type: Select whether it will be an in-kind distribution or cash.
- In-Kind Distribution: Change the percentage of ownership of the asset to you personally (e.g., 10% of an asset).
- Cash Distribution: Select "Cash Only."
- Enter Distribution Details: Select "Normal Distribution" for RMD. Enter the amount (numbers only, no dollar sign or commas).
- Complete Tax Withholdings and Payee Information
- Tax Withholdings: Select your preferences. Note that state withholding is only available in California.
- Payee Name: This should be your information.
- Payment Method: Choose wire ($30 fee), ACH (fee), check (#10 fee), or cashier's ($30 fee).
- Telephone Number: Enter your phone number.
- Delivery Method: Choose regular or overnight delivery.
- Special Instructions and Final Steps: Select the payment method for any associated fees. Enter special delivery instructions if needed; otherwise, leave blank. Click "Save and Continue."
- Review and Submit: Review the terms and conditions. Check the acknowledgement box and click "Submit."
Your submission will be under manager review, taking about five to seven business days. You can click "View Details" to confirm the information. To check distribution status, navigate to the Dashboard and click on "Activity" to view all transactions. Look for the "One-Time Distributions" category to see pending distributions.