Calculating RMD

Forum|Forum|3 years ago
February 13, 2023
2 replies
0 views

Calculating RMD. I turned 72 last year and trying to determine my rmd. My wife has a retirement account and so do I. She will not turn 72 till next year. Given that, is my RMD calculated only on my account? Or both of ours. Secondly, I assume that the RMD that is required to be pulled is before taxes on this withdrawal. Example, if my RMD was $50,000 do I just have to pull $50,000 or have to pull $50,000 plus amount to cover the income taxes?

Not A Product Question

fanfare

Level 15

you have to take $50,000 and specify some percent to go to withholding.

don't take more than $50,000 unless you want to and are willing to pay tax on the larger amount.

your IRA belongs to you alone. your spouse has to work with their IRA separately.

@19Corvette73

fanfare

Level 15

If you have one IRA account, your custodian will tell you what the RMD is.

fanfare

Level 15

you have until April 1 2023 to satisfy your first RMD requirement without penalty.

PattiF

Level 15

The RMD is calculated only on your retirement account since your wife is not required to take a RMD yet.

You would need to pull the $50,000 and the amount to cover the taxes. Most of the firms holding retirement accounts now calculate the amount for you and will also withhold the tax. You can say that you want 10% or more withheld.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"