@ProbablyMike wrote:
Thank you. Looking through my tax papers, I indeed have form 5498 with the IRA balance listed. I have more tax years to look through I hope I saved each year. Sorry about saying I didn't receive statements listing the IRA from Fidelity in the earlier post. I was a little over 40 in 2008.
If you want to calculate your RMDs, then do the following.
Your first RMD was due in 2008. Look up your single life expectancy on table I of publication 590-B for 2008.
https://www.irs.gov/pub/irs-prior/p590--2008.pdf
Suppose you were age 55. Your life expectancy was 29.6 years. So your RMD for 2008 was the balance on 12/31/2007, divided by 29.6.
There was no RMD due in 2009.
For 2010, you don't get a new life expectancy number from table I, instead you subtract 2 years from the previous figure. So your RMD for 2010 was the balance on 12/31/2009 divided by 27.6 (29.6 minus 2).
Your RMD for 2011 was the balance on 12/31/2010 divided by 26.6 (29.6 minus 3).
And so on.
In 2022, the life expectancy table was revised, your life expectancy at age 55 is now considered to be 31.6 years. So for 2022, your RMD is the balance on 12/31/2021 divided by 17.6 (31.6 minus 14)
For 2023 your RMD is the balance on 12/31/2022 divided by 16.6 (31.6 minus 15).
And so on.
