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Calculate required minimum distributions for your IRA with these withdrawals worksheets.
The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.”
If you're turning age 73 this year, it's time to start taking the annual required minimum distributions (RMDs) from your tax-deferred retirement accounts, such as traditional IRAs. The penalty for not taking your RMD can be pretty steep: The IRS will levy a penalty amounting to 25% of the sum you should have withdrawn.
When you hit a certain age, you must start taking a minimum amount from your IRA. Use our RMD table to see how much you need to take out.
To calculate your required minimum distribution for the current year, you divide your account balance at the end of the last year by your life expectancy. The IRS provides tables that show...
To calculate your required minimum distribution, simply divide the year-end value of your IRA or other applicable retirement account (such as a traditional 401 (k)) by the distribution...
Source: Amendments to the Income Tax Regulations (26 CFR part 1) under section 401(a)(9) of the Internal Revenue Code (Code), §1.401(a)(9)-9 Life expectancy and distribution period tables, (c) Uniform Lifetime Table.
When you take the required minimum distributions, you should use the new tables to see how much you must take from your retirement accounts to comply with the new regulations. The IRS first published the new tables in the Federal Register in November 2020. The Federal Register is the place for official records of the federal government.
Use our required minimum distribution (RMD) calculator to determine how much money you need to take out of your traditional IRA or 401(k) account this year.
Starting when you're age 73, a required minimum distribution (RMD) is a specific amount of money the IRS requires you to take from your tax-deferred retirement accounts each year. What should I consider before taking my RMD?