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IRA

How to take a distribution from an IRA. Is the distribution a percent or a dollar amount?

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3 Replies
carmen_t
Employee Tax Expert

IRA

Hello,

Depending on you IRA plan you can take a percentage or a specific dollar amount.  The key part will to estimtate income and tax bracket to ensure sufficient withholdings are taken out so there is no shortage or amount due at the end of the year.  Please see below to assist with that.  I will include a tax calculator below.  

 

Tax Caster 

KarenL4
Employee Tax Expert

IRA

Hi, PJ1952,

We may need a bit more info to fully answer your question, and, if I didn't guess the topic correctly, you may want to post another question.

I am assuming you are asking about a required minimum distribution, which, if you are asking now, makes me think you are around age 72.  This article does a really good job of addressing that topic.  Typically, the financial institution holding your IRA will calculate the RMD for you, if you ask them to.  It's calculated by considering your life expectancy using required tables.  If you feel like geeking out on your own instead, you can try this IRS website tool. I'm personally a fan of letting the experts do it!

Please give a thumbs up to cheer below if this answer helps!

Best,

Karen

 

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KarenC7
Expert Alumni

IRA

Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. Beginning in 2023, the SECURE 2.0 Act raised the age that you must begin taking 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. 

 

If you reach age 73 in 2023, you were 72 in 2022 and subject to the age 72 RMD rule in effect for 2022. If you reach age 72 in 2022,

  • Your first RMD is due by April 1, 2023, based on your account balance on December 31, 2021, and
  • Your second RMD is due by December 31, 2023, based on your account balance on December 31, 2022.
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