To find your Required Minimum Distribution (RMD) for 2024, follow these steps:
- Determine your age: You need to know your age as of December 31, 2024.
- Find your account balance: Check the balance of your retirement accounts (e.g., IRA, 401(k)) as of December 31, 2023.
- Use the IRS life expectancy worksheets: These use the tables help determine the distribution period based on your age. You can find them in IRS Publication 590-B
Example:
If you are 73 years old in 2024 and your account balance as of December 31, 2023, is $200,000:
- Numerator: Account Balance = $200,000
- Denominator: Distribution Period (from IRS table) = 24.7
To calculate your RMD:
- RMD=200,000/24.7≈8,097.17
- So, your RMD for 2024 would be approximately $8,097.17.
You can also use online calculators to simplify this process. Here are two reliable options:
