If you’ve had a traditional IRA before, similar rules apply. All distributions before 59 and 1/2 can be subject to early withdrawal penalties of 10% plus your normal ordinary income tax.
Distributions are taxed at ordinary income after 59 and 1/2. Capital gains taxes do not apply.
RMDs slowly force out a required amount of dollars each year, as Traditional IRAs cannot defer paying taxes forever. When you are over the age of 70, keep these points in mind so you can strategically make distributions and manage your investments properly inside your IRA.
You should calculate your RMDs using the IRS RMD worksheet, but feel free to contact the Rocket Dollar support email to schedule your distributions with Rocket Dollar.