How do you know the RMD for all IRA accounts?

[ClarissaA1]

You calculate your RMD for a tax year by dividing the IRA account balance on December 31st of the previous calendar year by the amount that applies to you found in the IRS life expectancy table.  

For example: If you are unmarried, age 76 in 2024, and your IRA balance on 12/31/2023 was $150,000, you could calculate the 2024 RMD as follows:

1.  Locate the life expectancy amount for the single taxpayer, age 76 in Table III of IRS Publication 590.  In this example that amount is 23.7

2.  Next divide $150,000 by 23.7. 

3.  The RMD is $6329.11 ($150,000/23.7)

You must determine the RMD for each account separately.  However, if you have multiple IRA accounts, you can combine the RMD amounts from each of them and take a single distribution from just one of those IRAs. 

You can't combine an IRA RMD with a 401(k) RMD, and you can't combine multiple 401(k) or 403(b) account RMDs together and take only one distribution from one of the accounts.  For these other types of retirement accounts, you must calculate the RMD for each account separately and take a distribution from each account every year. 

[Deepp]

Hello user ccgc999,

In addition to above answer. 

Most major financial websites (like the ones mentioned in previous answers) have RMD calculators where you enter your age and the prior year-end balance to get the RMD amount.

[dev145]

The IRS calculates your required minimum distribution (RMD) by dividing your total account balance by a life expectancy factor. This factor is determined by your age, your beneficiaries' life expectancies, and your own life expectancy. Since your life expectancy factor is updated annually, the amount you must withdraw each year will also change. 

Please note you can combine IRA account values to calculate RMD but if you have multiple 401k accounts, each much be calculated separately.

IRS pub 590 -B is more info. if you would like to calculate RMD. Please scroll down at the very end of the page to see IRS worksheet to calculate RMD amount. 

https://www.irs.gov/publications/p590b#en_US_2024_publink100090310

Most of the time, brokers are able to tell you the amount of RMD.

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