RMD Related Questions

[Liangtwn]

Hi...

Q1: RMDs should be reported on Line 4a IRA distribution, correct?

Q2: At what age we are required to take RMDs when there are Traditional IRA balances?

Q3: RMD calculations - I remember IRS published a table by age and % to calculate RMD amounts.  Could you share the link to that table?  Does this table remain the same every year?  Or, IRS updates it annually?

Thank you!!

[dev145]

1. Yes, you are correct, that IRA distribution amount will go on line 4a (Total distribution) and 4b (Taxable distribution).

2.  You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73.

3. Here is a link from IRS and Fidelity. For IRS link, you will have to scroll at the very bottom to look for table. IRS do update table periodically as life expectancy changes. 

Publication 590-B (2024), Distributions from Individual Retirement Arrangements (IRAs) | Internal Re...

IRS Uniform Lifetime Table | Calculate RMDs | Fidelity

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[Liangtwn]

Thank you for the quick reply.  

Age to start RMD - If an individual was born in 1960, at what age he/she needs to start taking RMD?  What is the rule to determine at what age we need to take RMD?  Could you share the link to the rule published on IRS website?

I have an impression that the rule was by age...  

Thanks again!

[VolvoGirl]

You have to start taking the RMD when you turn 73.  Although you can delay the first RMD until April 1 of the year following the year you reach age 73.    IRS Pub 590-B, page 7, Required minimum distributions (RMDs).

https://www.irs.gov/pub/irs-pdf/p590b.pdf

[VolvoGirl]

Looks like the IRS changed that 590b.  The RMD now starts on page 6.   And for Age 73 it now says....

Age 73 for tax years 2023 and later.   If you were
born after December 31, 1950, but before January 1,
1959, you must begin receiving required minimum distributions by April 1 of the year following the year you reach
the age 73.

So what if you were born after  January 1, 1959 or later?  I'll page @dmertz 

[VolvoGirl · Accepted solution]

@Liangtwn   Sorry I have more info.  I was looking for something else and found more RMD info since you were born in 1960

RMD Age Changes: The bill, building upon previous SECURE Act legislation, further increases the RMD starting age. For those born between 1951 and 1959, the RMD age is 73. It's important to note that the bill ultimately aims to raise the RMD age to 75 for those born in 1960 or later
https://www.nstp.org/article/secure-act-2-0-%E2%80%93-when-does-the-rmd-start

See this post
https://ttlc.intuit.com/community/file-with-turbotax/discussion/re-rmd-effect-on-social-security-tax...

[Liangtwn]

Thank you very much!!