First, from the IRS
When is the deadline
for receiving a RMD from an IRA?
An account owner must take the first RMD for the year in which he or she turns 70 ½.
However, the first RMD payment can be delayed until April 1st of the year following the year in which he or she turns 70 ½.
For all subsequent years, including the year in which the first RMD was paid by April 1st, the account owner must take the RMD by December 31st of the year.
Also, from the same IRS, Required Minimum distribution site:
How is the amount of the RMD calculated?
Generally, a RMD is calculated for each account by dividing the prior December 31st balance of that IRA or retirement plan
account by a life expectancy factor that IRS publishes in Tables
Depending on how you have your beneficiary
set up you'll need to use one of these tables(just click on the link)to calculate the amount you're required to pull.
The Joint and Last Survivor Table is used by an account owner whose sole beneficiary of the account is his or her spouse and is more than 10 years younger than the account owner;
The Uniform Lifetime Table is used by account owners whose spouse is not the sole beneficiary or whose spouse is not more than 10 years younger;
On your question about the taxation
of the IRA distribution...
The distribution is simply added to any other income
you have for that tax year to come to your total income
for tax purposes.
You can have your IRA custodian withhold taxes (just like a W-2 form
from work). Either way, they'll send you a 1099 form
each January, for doing your taxes that April.
Finally, here's the IRS website that tells you all about it as well:
Hope this helps
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