Hello Harley 0693,
Thank you for joining us!
You asked for the formula to calculate your RMD, (Rquired Minimum Distribution).
An RMD is calculated for each of your IRA or retirement plan accounts by dividing the prior year, December 31 balance of that IRA or retirement plan account, and then by a life expectancy factor that the IRS publishes in Tables in Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).
These mandatory distributions are required for all retirement plans offered by employers, including profit-sharing, 401(k), 403(b), and 457(b). The same goes for traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.
Nevertheless, Roth IRAs have an exemption from RMD rules while the account owner is still alive. Nevertheless, beneficiaries of Roth 401(k) accounts must follow RMD rules.
Here are links for more information on this topicl from the IRS, includig the Pub mentioned above and the life expectancy table:
Please feel free to reach backout with any additional questions or concerns you might have!
Have a great rest of your day!
Terri Lynn, EA
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