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Retirement tax questions
Your Required Minimum Distribution (RMD) is the minimum amount you must withdraw annually from most retirement accounts (like Traditional IRAs, 401(k)s) starting at age 73. It is calculated by dividing your prior year-end account balance by an IRS life expectancy factor, with the amount changing yearly. Financial institutions often provide calculators and statements, but you will need your account balance and age to find your specific figure.
Figuring the Required Minimum Distribution may be found on page 7 of IRS Publication 510-B.
Google 'RMD calculators' to find a calculator online.
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a month ago