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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29497
Experience:  Taxes, Immigration, Labor Relations
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How can I figure what amount I should be taking out for RDM,

Customer Question

how can I figure what amount I should be taking out for RDM
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I took out 120,000 dollars our of my acct last year how do I figure what % is for RDM it did not show anything on my 1099-R
JA: Is there anything else important you think the Accountant should know?
Customer: no
Submitted: 8 days ago.
Category: Tax
Expert:  Lev replied 8 days ago.

The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.” A separate table is used if the sole beneficiary is the owner’s spouse who is ten or more years younger than the owner.

I will help you to calculate your RMD amount

For that purpose we need to know

- the balance on your retirement account as of December 31, 2016

- you age.