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HOW DO YOU DETERMINE THE AMOUNT YOU MUST TAKE OUT OF YOUR…

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HOW DO YOU DETERMINE...

HOW DO YOU DETERMINE THE AMOUNT YOU MUST TAKE OUT OF YOUR IRA IF 90% IS IN GOLD?

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I HAVE 90% OF MY IRA IN GOLD-APPROX $400,000 AND ABOUT $95,000 IN CD'S. THE BANK WILL LET ME KNOW HOW MUCH I MUST TAKE OUT OF THE CD. HOW DO I KNOW HOW MUCH TO TAKE OUT OF THE GOLD?

Submitted: 6 months ago.Category: Tax
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11/27/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,536
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello my name is ***** ***** I will be able to assist you today.

Your RMD amount is determined by applying a life expectancy factor set by the IRS to your account balance as of December 31st ($400,000 approximately) . To calculate your RMD:

  • Find your age in the IRS Uniform Lifetime Table.

  • Locate the corresponding life expectancy factor.

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

Note: If your spouse is more than ten years younger than you and is the sole primary beneficiary, you must use the Joint Life and Last Survivor Expectancy Table. You can find this table in IRS Publication 590, which is available on the www.IRS.GOV

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

If your balance is $400,000 on December 31st 2017 and you are 73 years old the math would be as follows.

$400,000 / 24.7 = a RMD of $16,194.33

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

You could take the entire total amount of your required RMD from only one account if you would like.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

If you need your life expectancy factor or have any further questions please let me know!

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

I would be happy to answer any follow up questions you may have.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 6 months ago

If you have no additional questions please take a moment to accept the answer so I may be credited by JustAnswer for the work I completed.

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