Consult an attorney or tax professional regarding your specific situation. Which certificate of deposit account is best? Recently enacted legislation made a number of changes to the rules regarding defined contribution, defined benefit, and/or individual retirement plans and 529 plans. k7 eFCe 9t#eF hs9& ]-5 @QPX#h*J^lI(7 \L#L"e2a9 P-5 In early January, the IRS issued a draft 2021 Tax Year Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).In this draft publication, you'll find the new tables . After that, you generally have until Dec. 31 of the current year to take that years RMD. [] must learn your distribution period, which can be found in Table III, using your age at the end of the current year (not the previous [], Jim Blankenship, CFP, EA The information herein is general and educational in nature and should not be considered legal or tax advice. The Single Life Table is most commonly used for determining the distribution period that a beneficiary must use when an account owner dies. If your 401(k) or 403(b) is with Fidelity, you can find information on how to withdraw your RMD by logging into NetBenefits. DE This means that you may owe the IRS $2,500 for not taking your RMD by the deadline. Those tax advantages were designed to help you build a better retirement. No one else in this financial planners family has any interest in the sports memorabilia hes accumulated. On December 31 of last year, the ending balance in his 401 (k) was $262,000. The first time you take an RMD, youll have until April 1 of the year following the year you turn 72 (or age 73 if you turn 72 in 2023 or later) to do so. This table is described by the IRS as follows in the preamble to the regulations: The Uniform Lifetime Table in these regulations sets forth joint and last survivor life expectancies for each age beginning with age 72, based on a hypothetical beneficiary. Denise co-authored several books on IRAs. Phone 630-40-DUCKS (630-403-8257) I didn't know that there was a NEW 2022 RMD table (Uniform Lifetime Table). If youre over age 72 and are no longer working, youre probably already taking RMDs from your traditional IRAs and employer-sponsored retirement plan accounts. RMDs for 2022 were calculated based on that value. The three tables used to determine RMDs are: The Uniform Lifetime Table is the table most used by plan owners. In this situation, the joint life expectancy table is used. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Uniform Lifetime Table - Used to calculate lifetime RMDs. Wealth Decumulation / Asset Decumulation (Retirement), Maximizing The Accumulation Phase of Retirement. After you reach age 73, the IRS generally requires you to withdraw an RMD annually from your tax-advantaged retirement accounts (excluding Roth IRAs, and Roth accounts in employer retirement plan accounts starting in 2024). This book includes all of the updates to retirement plans with passage of the SECURE Act. These new tables are effective January 1, 2022. 'INij~xk7]k5XlLH5!%!KH,D"iIgY8BEPRO(gi^Z@X$Zbs0-.` Ic|XFK60bFctg)f#M"` ;by +]Z*pX`$Fp0\^. Additional information can be found here: Here. The new tables will result in a moderate reduction in RMDs from the current tables. Rule 2: The Working Non-owner: Are you still working, while not owning more than 5% of the company? But theres one big exception to the rule: 401(k)s. If you have more than one 401(k), you need to withdraw the RMD from each individual 401(k). Step 1 - Life Span Expectation. Keep in mind that this does not apply to IRAs or other accounts you may hold with companies you no longer work for. IRS joint life and last survivor expectancy table Use this table to calculate required minimum distributions (RMDs) from IRAs and retirement plan accounts when the spouse beneficiary is more than 10 years younger. I manage wealth as a fiduciary & promote financial literacy. Please consult a tax advisor to discuss whether the transition rules may apply to you. In such cases, the IRA owner must fill out IRS Form 5329. We do not include the universe of companies or financial offers that may be available to you. A tax advisor can help you determine when to take RMDs and if a QCD is appropriate for your situation. A Red Ventures company. This is equal to the joint and last survivor life expectancy for the employee and a hypothetical beneficiary 10 years younger. For example, say you're 74 years old and your RMD for the year is $10,000, but you only withdrew $5,000 by December 31. A systematic trading and investing strategy takes the emotions and biases out of financial decisions, which can lead to better results. If making charitable donations is important to you, using your RMD to make a qualified charitable distribution (QCD) is something to consider. You may review the terms and conditions here. Where, just where, are those 2022 tables? This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Step 4 - Calculate Your RMD. Less money youre required to withdraw as an RMD. The cookie is used to store the user consent for the cookies in the category "Other. Lets help you maximize this new income. Chris Gullotti, CFP is a financial adviser and Partner at Canby Financial Advisors (opens in new tab) in Framingham, MA. While the process of calculating RMDs may seem mysterious, the methodology is rather simple. Kiplinger is part of Future plc, an international media group and leading digital publisher. To calculate your RMD, look up the distribution period for age 74, which is 25.5. Three types of pet insurance can help offset emergency veterinary bills and sometimes even cover routine care. If this isn't your first year taking a required minimum distribution (RMD), you may have noticed it's a bit smaller than last year. If you know your RMD amount and you're ready to withdraw now, take your RMD. So how do you calculate your RMD for a given year? It is a violation of law in some jurisdictions to falsely identify yourself in an email. Retirement wealth decumulation includes the spend-down of assets owned during retirement. These updated tables are still in effect in 2023 and beyond. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Different calculations are required if your spouse is your sole beneficiary and is more than 10 years younger than you. Future US, Inc. Full 7th Floor, 130 West 42nd Street, 60 0 obj <>/Filter/FlateDecode/ID[<0B28849EB840A48CFCFA2B64864C2EBB>]/Index[38 40]/Info 37 0 R/Length 104/Prev 162479/Root 39 0 R/Size 78/Type/XRef/W[1 3 1]>>stream You are age 74. Thats the RMD amount that you will need to take out of your IRA before 12/31/2022 using the new 2022 tables. HMo@{\KJD9ip,%&xu-N(G. 2022 Uniform Lifetime Table | Ed Slott and Company, LLC 2022 Uniform Lifetime Table This table is the life expectancy table to be used by all IRA owners to calculate lifetime distributions unless your beneficiary is your spouse who is more than 10 years younger than you. !> The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Twitter: SterlingRaskie NY 10036. An annuity should fit your specific needs and goals. Many IRA custodians will do this for you. Heres how it works. Check out the updated tables to evaluate your opportunities. See the comparison below. Workplace plans, such as 401(k) or 403(b), You do NOT own more than 5% of the business you work for, Enter your withdrawal amount and select an account, Set up a withdrawal date and where your withdrawals are sent, If necessary, sell your investments to make cash available. Their reviews hold us accountable for publishing high-quality and trustworthy content. endstream endobj 15 0 obj <>stream endstream endobj startxref But there are ways to locate them. In the meantime, be careful calculating RMDs based on tables you might find online that have not yet been updated. Don't miss future RMDs, sign up for a Fidelity RMD automatic withdrawals plan. The lightweight design, auto-locking feature and convenient carry handle make it easy for anyone to set up and take down. Eventually, you have to take out minimum amounts annually, known as required minimum distributions, or RMDs, from your account once you reach age 72 or 73. Bob Haegele is a contributing writer for Bankrate. If you do an online search for thenew RMD (Required Minimum Distribution) tablesto use to calculate your 2022 RMD, you might find yourself running in circles. However, RMDs do not apply to Roth IRAs, because contributions are made with income that has already been taxed. IRS uniform lifetime table Use this table for calculating lifetime RMDs from IRAs and retirement plan accounts. Financial organizations use the Uniform Lifetime Table to determine the distribution period for account owners who must take RMDs during their lifetime. After reaching age 73, required minimum distributions (RMDs) must be taken from these types of tax-deferred retirement accounts: Traditional, Rollover, SIMPLE, and SEP IRAs, most 401(k) and 403(b) plans, including Roth 401(k)s, most small-business accounts (self-employed 401(k), profit sharing plan, and money purchase plan. If you'd like to reduce the effect of RMDs on your taxes, consider making a qualified charitable distribution (QCD). If you dont need to live on your RMDs, then 2022s market downturn could have a bright side: lower RMDs for 2023 and therefore lower taxes. QCDs can lower or eliminate your taxable RMD amount, up to an aggregated maximum of $100,000 per year withdrawn from one or more IRAs. Your distribution amount would be $18,868 ($500,000 divided by 26.5). Older retirement account owners . The figure is slightly less than the RMD calculated under the old tables in effect in 2021. Title: 2021 vs 2022 RMD Uniform Lifetime Tables.xlsx Author: David D'Eredita Created Date: For example, a 72-year-old IRA owner who applied the Uniform Lifetime Table under formerly applicable Sec. If youre the original account owner, your RMD is calculated by dividing the accounts year-end balance from the prior year by your current year's life expectancy factor from the IRS Uniform Life Expectancy Table. On the left-hand side you will have the age of the IRA owner or plan recipient, and on the right it will be the life expectancy in years. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation. To calculate his RMD for this year, he divides $262,000 by his life expectancy factor of27.4 years. Pets The Uniform Lifetime Table (also called Table III) shows the "distribution period" that's the divisor you use to calculate your RMD . The IRS rules use a uniform table to calculate all life expectancies for determining a minimum distribution. Sterling Raskie, MSFS, CFP, ChFC About Our Retirement Expert . What to do when you lose your 401(k) match. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. LinkedIn: SterlingRaskie. The table and its associated distribution periods are based on complicated actuarial calculations of projected life expectancies. Required minimum distribution rules do not apply to Roth IRAs during the lifetime of the original owner, or to participants in 401(k) plans who are less than 5% owners, until they retire. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, applies to plans beginning after Dec. 31, 2019. Do I have to take my RMDs from my Roth IRA? To make a one-time withdrawal from your IRA, you'll follow these steps: You can also set up automatic withdrawals for your RMD on a monthly, quarterly, annual or custom schedule. That's a difference of just $2,100. During 2022 when Kevin becomes age 74, he will use the post-2021 Uniform Lifetime table to calculate his 2022 traditional IRA RMD. In case you hadnt already noticed, this blog doesnt have much to do with ducks or any waterfowl for that matter. Amazon:Author Page. The life expectancy for a 74-yearold in the post-2021 Uniform Lifetime table is 25.5. |2:C%8g!qXReco#{O!,_jkCC. 8)'-.u7h-8( s"fZ&R[!eM.Pn|^t((*E3oT6P9'GbA>Yr 0Q+{ `Dkp4%J And if the market recovers in 2023, thats icing on the cake. For use by unmarried owners; married owners whose spouses arent more than 10 years younger; married owners whose spouses arent the sole beneficiaries of their IRAs. As a general rule, the revised tables reflect longer life expectancy (by about 1-2 years) than the tables under the pre-existing regulations. The period during which an individual adds to his/her nest egg. If the account balance is, say, $500,000, dividing the amount by that factor results in an RMD of. Most IRA owners will need the Uniform Table (Table III in Pub. Your withdrawals will be included in your taxable income except for any part that was previously taxed (your tax basis). This manual is available onAmazon at this link. It is important to complete your RMD by the required deadline. Because at the end of 2021, the market closed at a near-record high. She has appeared on numerous media programs, sharing her insights on retirement tax laws. See below for more on the books. Should you accept an early retirement offer? Product Details. This is the most-commonly used table. This website uses cookies to improve your experience while you navigate through the website. What is a required minimum distribution (RMD)? He oversees editorial coverage of banking, investing, the economy and all things money. A-2. In 2022, the tables used to calculate RMDs were updated to reflect lengthening life spans. [emailprotected] | (800) 663-1340 4FSkJTu_/}K9_d!,aC'oKy\{M&('*H_}6~* &Mk$[t 2v}k editorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. When the updated tables take effect in 2022, it will therefore mark the first change in the life expectancy table in 20 years and, as can be seen when comparing Tables 1 and 2, reflect increasing life . One Comment Age 70 RMD Rules - Getting Your Financial Ducks In A Rowsays: May 28, 2009 at 2:24 pm Lets explore the implications of each. Deadline for withdrawing your RMD each year once youve taken your first RMD. In This Article RMD Rules New RMD Tables Effective January 1, 2022 Table I - Single Life Expectancy for Inherited IRAs Table II - Joint Life and Last Survivor Life Expectancy Jims book A Social Security Owners Manual, is now available on Amazon. The second, the uniform lifetime table, applies for lifetime distributions to an employee in situations in which the employee's surviving. %PDF-1.6 % The Uniform Lifetime Table is never used by IRA beneficiaries to compute required distributions on their inherited IRAs. Link your bank now. In addition to this blog, youll find Sterlings writings all around the internet. If the spouse is the sole beneficiary for the entire year AND is more than 10 years younger than the IRA owner, do not use this Uniform Lifetime Table. For example, for a 73-year-old with a $500,000 IRA, under the old calculation they were required to withdraw $20,243 (calculated by dividing $500,000 by the table factor of 24.7). Bankrate follows a strict editorial policy, Published 25 February 23. Why? This book is narrowly-focused on divorcee Social Security strategies and rules. endstream endobj 39 0 obj <> endobj 40 0 obj <> endobj 41 0 obj <>stream Natalie Choate Jan. Bob writes about topics related to investing and retirement. At Bankrate we strive to help you make smarter financial decisions. What is a Roth IRA? The online searches I tried today take you to the old tables, even if you specifically search for 2022 RMD tables. The IRS penalty for late withdrawals is 50% for calendar years 2022 and earlier. These cookies will be stored in your browser only with your consent. The net result? Updated Uniform Lifetime Table for 2022. Retirement Plans for Small Businesses by category, Retirement Plans for Small Businesses- General Content. The new . Uniform Lifetime Table Calculations. Divide $500,000 by 25.5 to get your 2022 RMD of $19,608. A tax advisor can also help you through the waiver process. 10 0 obj <> endobj 38 0 obj <> endobj y&U|ibGxV&JDp=CU9bevyG m& Step 3 - Determine IRA Value. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. The cookies is used to store the user consent for the cookies in the category "Necessary". Heres what you need to know about how to calculate RMD for 2023 and how the stock markets performance could lower your tax liability. The distribution period (or life expectancy) also decreases each year, so your RMDs will increase accordingly. endstream endobj 14 0 obj <>stream Under the new uniform life table, for example, a 75-year-old would use 24.6 as their factor. Information herein may refer to or be based on certain rules in effect prior to this legislation and current rules may differ. By dividing the value of each retirement account at the end of the previous year by the distribution period based on what your age will be in the year you take the RMD. Note that if you feel youve missed the deadline for a legitimate reason, you can request a waiver from the IRS. RMDs are also required from Roth 401(k) plans, 403(b) and 457(b) plans, as well as from SEP IRAs, SARSEPs, and SIMPLE IRAs. When its time to withdraw RMDs from your Fidelity accounts, you have choices: Move cash and/or shares to your Fidelity non-retirement account, Electronic funds transfer (EFT) to your bank (instructions must already be on file). 2020 Uniform Lifetime Table. UNIFORM TABLE FOR DETERMINING LIFE EXPECTANCY FACTOR (01/2022) RETUNITL PAGE 1 OF 1 NY CS 10152476 01/2022 Uniform Table for Determining Life Expectancy Factor Table effective January 1, 2022 Age Factor Age Factor 72 27.4 97 7.8 73 26.5 98 7.3 74 25.5 99 6.8 75 24.6 100 6.4 76 23.7 101 6.0 77 22.9 102 5.6 78 22.0 103 5.2 79 21.1 104 4.9 80 20.2 . Meanwhile, the same RMD, calculated using the new Uniform Lifetime Table amount of roughly 3.44% would be $34,400. new RMD (Required Minimum Distribution) tables. His daughter, Susan, is the beneficiary on his account. The deadline to withdraw your RMD is December 31st in the year you reach age 731. Uniform Lifetime Table (to calculate 2022 RMDs for IRA Owners). Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. By Iyandra Smith, Esq., TEP Remember those years when any growth in your retirement accounts went untaxed and when tax deductible (IRA) or pre-tax contributions (employer sponsored plan) were subtracted from your taxable income? Fidelity cannot guarantee that the information herein is accurate, complete, or timely. By Thomas Ruggie, ChFC, CFP You have money questions. The challenge comes when you decide how much to withdraw from each account. Assume you have a tax-deferred IRA with a balance of $500,000 at 12/31/2021. Follow these IRA withdrawal rules or pay a hefty tax penalty, California Consumer Financial Privacy Notice. 37 0 obj <>stream so you can trust that were putting your interests first. RMD look a little different? Source: Internal Revenue Service, effective January 1, 2022. The RMD under the old tables would be $21,008 based on the age of 74 and a divisor of 23.8 (assuming a 12/31/2020 value of $500,000). Brian Beers is the managing editor for the Wealth team at Bankrate. Effect of the new Tables RMDs are calculated by dividing the previous year-end account balance by a life expectancy factor. All rights reserved. tV.F|0 KP The Uniform Lifetime Table is used by most IRA owners who need to take 2022 lifetime RMDs. Residential Fold-In-Half Folding Tables are constructed of high-density polyethylene and have a convenient folding design for easy transport and storage. It is also available in aKindle version. Delegating to a professional can free you up to expend your energy on something you love. On December 31 of last year, the ending balance in his 401(k) was $262,000. The most commonly used tables are the Uniform Lifetime and the Single Life Expectancy Tables. Uniform Lifetime Table: For 2022 and After. hbbd``b`j~@q3;,@N b, = (Separate multiple email addresses with commas). Bankrates editorial team writes on behalf of YOU the reader. A Medicare Owners Manual, is updated with 2020 facts and figures. . But opting out of some of these cookies may affect your browsing experience. 3 of 9, Windfall Elimination Provision (WEP) for Social Security, 16 Ways to Withdraw Money From Your 401k Without Penalty, Rolling Your IRA into a 401(k) - to Avoid RMD, Break Even Points for Social Security Filing Ages, Using Capital Gains and Losses to Help With a Roth Conversion. This cookie is set by GDPR Cookie Consent plugin. Responses provided by the virtual assistant are to help you navigate Fidelity.com and, as with any Internet search engine, you should review the results carefully. hTPn An IRA Owners Manual, 2nd Edition is available for purchase on Amazon. As a result, RMDs that begin in 2022 . Thats because your RMD for 2023 will be calculated based on its value when the market closed on Dec. 30, 2022. For more information on QCDs or to send a QCD from you account, see our Qualified Charitable Distributions information. When you purchase through links on our site, we may earn an affiliate commission. )WzpYfhu|`/A|[da' `qpGhx For 2022, the latest uniform life table is as follows. Copyright 2023 Capital Group. Considering Annuities? With the IRS raising the average life expectancy from 82.4 to 84.6, retirees will presumably need to spread their assets over more years. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. RMD tables to change in 2022 - less will have to be taken by owners and beneficiaries. Not a Fidelity customer or have your retirement accounts at multiple firms? 2022. It is located in the IRSs section on draft tax forms. But come 2022, these new withdrawal tables will provide your affected accounts even more time to grow as you age and use the money to really enjoy your Golden Years. If you need help calculating the after tax portion of your IRAs, the instructions for IRS Form 8606 are a good place to start. They also generally reflect longer life expectancies. If your IRA balance includes after-tax contributions, you must calculate your RMD based on the total balance; however, the taxable amount of your RMD will be reduced proportionally by the percentage of after-tax money in your IRA accounts. Virtual Assistant is Fidelitys automated natural language search engine to help you find information on the Fidelity.com site. The following charts display the proposed changes in RMD factors. Uniform Distribution Table. The subject line of the email you send will be "Fidelity.com: ". For those who turned 70 1/2 before July 1, 2019, the first RMD remains at age 70 1/2. While all questions cannot be answered, each email is read and reviewed and can lead to discussion in a future post. LinkedIn:BlankenshipFP Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. If you hunt hard enough, you can find the draft version of IRS Pub. The IRS taxes RMDs as ordinary income. endstream endobj startxref R2%r=tMt=e&%K>6?Ua[>%wy1M'a!$v lKc(V$!tQf*` U3[|gX^GLO175vS}~,i }A`:RH3.:h| DvummAgyx]"V. When It Comes to Your RMDs, Be Very, Very Afraid! His divisor for 2022 is 23.7. Note that the IRS Uniform Lifetime Table and the various RMD calculations discussed in this article apply only to unmarried retirement account owners; retirement account owners whose spouse is not their sole beneficiary; or retirement account owners whose spouse is their sole beneficiary and is not more than 10 years younger than the account owner. With the passage of the SECURE 2.0 Act, the QCD limit will be annually adjusted for inflation starting in 2023. Rule 1: Aggregating RMDs: RMDs are calculated separately for each of your retirement accounts. This table is the life expectancy table to be used by all IRA owners to calculate lifetime distributions unless your beneficiary is your spouse who is more than 10 years younger than you. endstream endobj 11 0 obj <> endobj 12 0 obj <> endobj 13 0 obj <>stream The regulations that adopted the new tables are found at regulations.gov. The new uniform lifetime table provides a life expectancy of 27.4, resulting in a smaller RMD of $36,496 ($1,000,000/27.4). SECURE 2.0 Act Changes 401(k), IRA, Roth, Other Retirement Plan Rules. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. editorial integrity, NEW TABLES Any other IRA owner subject to RMDs in 2022 will simply use the new Uniform Lifetime Table for RMDs this year, unless the spousal exception applies. Chart - Impact Of New RMD New Uniform Lifetime Table 2022. This cookie is set by GDPR Cookie Consent plugin. Financial Adviser, Partner, Canby Financial Advisors. hb``c``2f P#0p4( A1f~ V*V6q* cU3J 9 Your distribution period gets shorter every year, based on your age. This calculator has been updated for the 'SECURE Act of 2019 and CARES Act of 2020'. FORBES 01/18/2022 Where Are Those New RMD Tables For 2022? Keep in mind that QCDs are not also eligible as charitable deductions. At Bankrate, we take the accuracy of our content seriously. It's important to withdraw your RMD by the appropriate deadline, the IRS penalty for missed RMD amounts is 50% for calendar years 2022 and earlier. The new Uniform Lifetime Table was supposed to go live in 2021, but the IRS pushed the effective date back to January 1, 2022. (Code), 1.401(a)(9)-9 Life expectancy and distribution period tables, (c) Uniform Lifetime Table. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. Thus, if an individual were within the 24% Federal tax bracket, the result would be a one-year reduction in Federal income taxes of 'just' $504 ($2,100 x 24%). The Uniform Lifetime Table is used by most IRA owners who need to take 2022 lifetime RMDs. This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. He has an MS in Financial Planning from Bentley College. These changes would not go into effect until 2021. Seems like a lot to manage, but heres an important rule making it a bit easier: If you have more than one IRA, you can total up their RMDs and withdraw it from a single IRA. p//(b`bd 2h? H Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. With other accounts, you have more flexibility and thus more options to consider. Use of this website is intended for U.S. residents only. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. New Uniform Lifetime Table RMD As A Percentage Of Account Balance On November 12, 2020, the Federal Register released a Final Regulation providing guidance on the life expectancy and Required Minimum Distribution (RMD) factors needed to calculate RMDs from qualified retirement accounts. (46!6:[V|f"[[Y(OiJ^6$gUlT>-&G!HF9%V(. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. -o kf Sign up for paperless delivery of documents. Print. To calculate your required minimum distribution, simply divide the year-end value of your IRA or retirement account by the distribution period value that matches your age on Dec. 31st each year. RMDs allow the government to tax money thats been protected in a retirement account, potentially for decades. Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations. As always, before making any decisions about your retirement planning or withdrawals, you should consult with your personal tax advisor. After such a long period of compounding, the government wants to be sure that it eventually gets its cut in a clear timeframe.
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