Taxes

Forum|Forum|2 years ago
July 26, 2023
2 replies
15 views

I will start taking RMD at age 73. What is the minimum percentage I need to withdraw?

Ask the Experts - Retirement - July 2023

LoriC17

Level 4

Hello,

Typically the financial institution will provide you with the amount for your RMD. However if you wish to calculate yourself then you will divide the account balance as of Dec 31s by a life expectancy factor that the IRS publishes in Tables of Publication 590-B. I am providing the link for the Publication so you can look up the situation that applies to you.

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

The SECURE 2.0 Act raised the age of RMDs to age 73 . If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. Notice 2023-23PDF permits financial institutions to notify IRA owners no later than April 28, 2023, that no RMD is required for 2023.

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ElizabethW2

Level 4

Hi, bluefalcon77!

The amount of your RMD depends on whether you are single or married. If married, you have the selection of using your single life expectancy or a joint life and last survivor expectancy.

You can find all 3 of those tables in IRS Publication 590B. Scroll to Page 8 on the link I provided below.

www.irs.gov/pub/irs-pdf/p590b.pdf

Be sure to use the link in the section of the publication for your situation (single, sole beneficiary or joint life and last survivor).

Regards,

Elizabeth W

EA for 29 years

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