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I have a small SEP-IRA......at what age ,, and how much,, am I required to start deducting from it? Thanks,, Russ

 
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I have a small SEP-IRA......at what age ,, and how much,, am I required to start deducting from it? Thanks,, Russ

Both business owners and employees over age 70 1/2 must take required minimum distributions from a SEP-IRA or SIMPLE-IRA. 

 

The link above has all the information you need to calculate and plan.

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Expert Alumni

I have a small SEP-IRA......at what age ,, and how much,, am I required to start deducting from it? Thanks,, Russ

Both business owners and employees over age 70 1/2 must take required minimum distributions from a SEP-IRA or SIMPLE-IRA. 

 

The link above has all the information you need to calculate and plan.

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

View solution in original post

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Level 15

I have a small SEP-IRA......at what age ,, and how much,, am I required to start deducting from it? Thanks,, Russ

Required minimum distributions (RMDs). For distributions required to be made after December 31, 2019, the age for beginning mandatory distributions is changed to age 72 for IRA owners reaching age 70 ½ after December 31, 2019. The required beginning date for IRA owners who haven't reached age 70 1/2 by the end of 2019 is April 1st of the year following the year of the owner’s 72nd birthday.

 

The amount is the prior years ending account value divided by the age factor in the table III.

https://www.irs.gov/publications/p590b#en_US_2019_publink1000231258

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**