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 Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29966
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

How to calculate required minimum withdrawal from IRA on

Customer Question

How to calculate required minimum withdrawal from IRA on $1,300,000 at 70 1/2
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: The required minimum withdrawal on $1,300,000 from IRA at 70.5
JA: Is there anything else important you think the Expert should know?
Customer: For a female
Submitted: 1 month ago.
Category: Tax
Expert:  Lev replied 1 month 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.

Expert:  Lev replied 1 month ago.

You may use the following worksheet to calculate the required amount if your spouse is LESS than 10 years younger or you you are single.

https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

Otherwise - I suggest to use online calculator - for instance

http://www.schwab.com/public/schwab/investing/retirement_and_planning/understanding_iras/ira_calculators/rmd

Your Required Minimum Distribution is: $47,445.26

Questions?