Tips on how to manage your distribution from IRA

How to Take a Distribution from Your IRA

You can schedule a current year distribution from your individual retirement account (IRA) at any time. This Helpful Tips video illustrates how to add an external account to transfer to, future-date your distribution, choose tax withholding rates and more. Be sure to consult with your own legal or tax professional with any questions you have about IRA distributions and your situation.

1. If you are on your mobile device, tap here; otherwise, sign in to your Chase account, choose “Pay & transfer” and “Transfer money”
2. Choose the retirement account from which you want to take your distribution
3. Choose the account where you want your distribution to go; you can add an external account by clicking the “Add an external checking or savings account” link
4. Choose a “Distribution reason”; the reasons displayed will vary by age
5. You can future-date your distribution by selecting a new “Send on” date; depending on your distribution reason, you can toggle to “Set up repeating transfers”
6. Review your selections and if everything looks good, choose “Next”
7. Read about tax withholding elections, check the box to acknowledge that you understand and choose “Next”
8. Information about tax withholding implications of IRA distributions will display; enter a gross distribution amount, from which any tax withholding amounts will be deducted
9. Enter the “Federal tax withholding rate” using a whole number, which is the percentage that will be taken from your gross distribution; if you don’t want federal taxes withheld, enter zero (0) (this field cannot be left blank)
10. Choose an option for state tax withholding; your dropdown may default to a mandated option because tax withholding rules vary by state
11. Depending on your state’s tax withholding rules, the box may display a minimum amount or percentage; you can adjust this amount to be above the minimum
12. Review your distribution information; check the box to agree to the terms and conditions, then choose “Authorize distribution”
13. Your distribution is scheduled; you can schedule another distribution or choose “Close”