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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.” Use a different table if the sole beneficiary is the owner’s spouse who is ten or more years younger than the owner.
Refer to publication 590-B for Joint Life & Last Survivor Expectancy Table. Beneficiaries of inherited IRAs generally follow a Single Life Expectancy table. As noted above, money you withdraw from a tax-deferred retirement account is generally taxable.
You figure your required minimum distribution for 2024 by dividing your account balance at the end of 2023 by the life expectancy from Table II (Joint Life and Last Survivor Expectancy) in Appendix B.
This table sets forth the life expectancy of an individual at each age. Transition rules under the regulations may apply to certain beneficiaries when the original account owner or their surviving spouse died before January 1, 2022.
Information on this page may be affected by coronavirus relief for retirement plans and IRAs. * Table 1 - Single Life Expectancy, Appendix B, Publication 590-B. Learn the required minimum distributions for your designated IRA beneficiaries.
The figures provide the joint life expectancy factor you will need for calculating your RMD. 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, (d) Joint and Last Survivor Table.
** The Uniform Lifetime Table can be used by all IRA owners, unless their sole beneficiary for the entire year is their spouse who is more than 10 years younger. In that case, the regular Joint Life Expectancy Table is used, which could reduce the RMD even further.
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.
In late 2022, Congress passed legislation that raised the age you have to start taking RMDs from 72 to 73 years old starting in 2023. This means that if you turned 72 in 2022, you’ll...
The IRS provides tables that show you which life expectancy numbers to use based on your age and if you are sharing your RMD with a spouse. (Scroll down to see our calculator.)