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Instead of taking RMDs based on your own life expectancy, you may be able to take RMDs based on the original owner's life expectancy. That results in a smaller distribution from the inherited account.
The RMD rules are designed to spread out the distributions of one's entire interest in an IRA or plan account over one's life expectancy or the joint life expectancy of the individual and his or her beneficiaries. The purpose of the RMD rules is to ensure that people do not accumulate retirement accounts, defer taxation, and leave these ...
Divide your retirement account balance as of December 31 of the previous year by your current life expectancy factor. IRS Uniform Lifetime Table Age Distribution Period in Years 72 27.4 73 26.5 74 ...
The IRS publishes a table of life expectancy factors, which is a number based on how much longer a person at each age can expect to live. There's a third factor that can come into play here.
Required minimum distributions are annual minimum amounts you must withdraw from certain accounts starting the year you reach age 73 or 75, starting in 2033. They continue for your entire life or ...
That results in a bigger RMD because an older beneficiary's life expectancy is shorter than the younger original owner's was. However, the IRS made a ruling in 2024 that says you can now deplete ...
The required minimum distribution is calculated by taking the account balance as of Dec. 31 of the previous year and dividing it by a life expectancy factor from the IRS. The life expectancy ...
If you’ve reached age 72, you must take RMDs. Use this table as a guide.