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How to calculate required minimum withdrawal from IRA on…

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How to calculate required...

How to calculate required minimum withdrawal from IRA on $1,300,000 at 70 1/2

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The required minimum withdrawal on $1,300,000 from IRA at 70.5

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For a female

Submitted: 8 months ago.Category: Tax
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9/12/2017
Tax Professional: Lev, Tax Advisor replied 8 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,856
Experience: Taxes, Immigration, Labor Relations
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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.

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Tax Professional: Lev, Tax Advisor replied 8 months 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

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