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My husband & I have multiple IRA's and have completed taking…

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My husband & I...

My husband & I have multiple IRA's and have completed taking our

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

IRA question. My husband (both 84 yrs old) have completely finished taking our RMD's for 2017. Is the correct amt. .065 on the 12-31-2015 balance the correct amt???

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I willl supply the info if he needs it.

Submitted: 5 months ago.Category: Tax
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Answered in 1 minute by:
11/11/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,567
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** am prepping my response. I will check the calculator and get back to you shortly. Thank you for your patience.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

Without knowing what the balance was as of December 31, 2016, I am unable to tell you if the .065 amount is correct. In your previous inquiry, I provided you with a few links to some RMD calculators.

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Tax Professional: Barbara, Enrolled Agent replied 5 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - my name is ***** ***** I have a different answer.

To calculate your RMD,

  • Find your age in the IRS Uniform Lifetime Table (below).

  • Locate the corresponding life expectancy factor.

  • Divide your retirement account balance as of December 31 of the prior year by your life expectancy factor.

Your RMD amount is determined by applying a life expectancy factor set by the IRS to your account balance at the end of the previous year. To calculate your RMD:

Because you are 88 years of age, your life expectancy factor is 12.7. You will use the account balance as of December 16, 2016.

Here's the link to the calculator:

https://personal.vanguard.com/us/insights/retirement/estimate-your-rmd-tool

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara
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Category: Tax
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