If the Required Minimum Distribution (RMD) amount is not specified on your Form 1099-R, you can calculate it using the IRS Uniform Lifetime Table. Here are some steps:
Calculate the RMD:
- Find the balance of your retirement account as of December 31, 2024 -
- f you don't have Form 5498, check your year-end account statement for the balance.
- You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. I
- Use the IRS Uniform Lifetime Table: Locate your age on the table to find the corresponding distribution period. You can find the table here
- Example Calculation: If your account balance is $100,000 and you are 76 years old, the distribution period is 23.7. Your RMD would be calculated as follows:
- RMD=$100,000/23.7≈$4,219.41
- You can use IRS worksheets found here.
