How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10495
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

At age 70/2 I have to start withdrawing a certain amount from

This answer was rated:

At age 70/2 I have to start withdrawing a certain amount from my tda deferred account from my teacher,s retirement account I am now 67 and by june 2014 I will have around one million dollars in my account. This year I might be withdrawing 200,000 from my account. This wil leave me about 800,000 dollars in my account. I receive a fixed 7% om my money. I would like to know based on this amount,adding on the 7%to this amount, what I will be withdrawing yearly at age 70/2-based on the actuarial factor and the life expectancytable,what amount will I have to take out?

Lane :

Hi, at 7% for three years on 800,000 you be at 980,000

Lane :

NOw, let me get the Required Minimum Distribution (RMD)

Lane :

Questions: Will your 70th birthday be before Jun 30th or .. on or after July 1st?

Lane :

OK, I still don't see you coming into the chat here, Using the US govt agency FINRA Calculator for this at http://apps.finra.org/Calcs/1/RMD and assuming a birthday BEFORE June 30th the number is XXXXX follows:

Lane : <table border="1" cellspacing="0" class="detailstable" id="ctl00_site_master_cp_CalcRes2DetailsView">


Required Minimum Distribution
$29,197.08


Lane :

If your birthday is XXXXX or after, so that you don't start taking the distribution until age 71, the RMD is $30,188.68.

Lane :

Questions?

Lane :


I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)



Please let me know if you have any questions as all ...



Lane




Hi Charlotte,

... just checking back in here, as I never saw you come back into the chat.

Let me know if you have any questions

Lane

(If not, positive feedback is appreciated)
Lane and other Tax Specialists are ready to help you


Thanks .

Again, let me know if I can do more on this for you.

And, if you'd like to work with ME again on another question, just say "For Lane only," at the beginning of your next question.


Thanks again,

Lane