Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
HOW DO YOU DETERMINE...

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

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

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: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
11/27/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,159
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

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

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 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

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

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

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

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

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

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

At the conclusion of our conversation please take a moment to accept the answer by rating the answer with three stars or more.

A positive rating of five stars is always appreciated.

Thank you!

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 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.

Ask Your Own Tax Question
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,159
2,159 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Any estate tax on 401K beneficiary funds in Arizona?
any estate tax on 401K beneficiary funds in Arizona? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
I am looking for the allowable expenses table by the IRS for
I am looking for the allowable expenses table by the IRS for Kansas , for things such as Car payments, Insurance, gasoline, in short all the expenses, please, Thank you… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
My daughter is both beneficiary and owner of 529 account.
My daughter is both beneficiary and owner of 529 account. When she withdrew money from 529 to pay for her part of qualified tuition expenses, she by mistake specified that it was NOT distributed to th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are beneficiaries required to report K-1 credits on the Form
Are beneficiaries required to report K-1 credits on the Form 1040, or is at our discretion? I'm using TAXACT software. The Form 1041 K-1 Final Year Deductions only shows credits on Line 11 A and C. Th… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
We are one of the beneficiaries of a charitable trust. The
We are one of the beneficiaries of a charitable trust. The trust has made final distributions. We received a schedule K-1 that shows interest and non passive income. Question concerns other informatio… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have two questions. For Class D beneficiaries the
I have two questions. For Class D beneficiaries the Inheritance tax is 15% on the gross estate value under $700,000. The Inheritance tax has been filed and 15% tax paid. If a beneficiary is named to r… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
A trust was in operation until the beneficiaries each turn
A trust was in operation until the beneficiaries each turn 30 years old. There are two beneficiaries. At age 30 each beneficiary gets their 50% share. The oldest beneficiary turned 30 a couple of year… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My sister died this past year, and I was the beneficiary of
My sister died this past year, and I was the beneficiary of her IRA of $10,000. I paid $3,400 for her funeral expenses and attorney fees for her estate. Can I deduct those expenses from the amount I r… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am a trustee for a trust. The primary beneficiary passed
I am a trustee for a trust. The primary beneficiary passed away last year. Her will calls for the trust assets to be distributed to her children. For various reasons, the trust assets were not distrib… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do I report (in kind) stock transfers to beneficiaries of a
do I report (in kind) stock transfers to beneficiaries of a residuary trust as it closes out in 2017? Stock transfers took place late last year and assumed date of death basis. remaining fractional sh… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Pearl, I'm the beneficiary of an irrevocable trust that owns
Hey there Pearl, I'm the beneficiary of an irrevocable trust that owns a 5 acre piece of land. The land is about to be subdivided and partially sold. I'm trying to navigate how to handle the sale of t… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
A mother established a trust which was to be the beneficiary
A mother established a trust which was to be the beneficiary of her IRA upon her death. Her 2 daughters are beneficiaries of the trust. Following her death the IRA was distributed to the trust. The re… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I sold fully depreciated pool tables from pool going out of
I sold fully depreciated pool tables from pool hall going out of business. tables were sold for more than we paid for them in 1993 what form should I used to show gain on Sub-chapter s… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,159 satisfied customers
BENEFICIARIES OF A SIMPLE TRUST, SOLD RENTAL PROPERTY WITH A
BENEFICIARIES OF A SIMPLE TRUST, SOLD RENTAL PROPERTY WITH A GAIN AND ORDINARY INCOME FROM DEPRECIATION RECOVERY. HOWEVER K-1s SHOW NO AMOUNTS TO REPORT. THERE IS A FEDERAL TAX BALANCE DUE FOR THE TRU… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
Are benefits received as the beneficiary of a life insurance
are benefits received as the beneficiary of a life insurance policy taxable? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is the money amount in 2018 bracket table the taxable
Is the money amount in 2018 bracket table the taxable amount? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a complicated situation.... I am the beneficiary of a
i have a complicated situation.... I am the beneficiary of a 457 plan where the company went into receivership for several years and the funds were held by the receiver for about a year. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is it tax fraud to pay employess under the table. so that
is it tax fraud to pay employess under the table. so that they can still receive payment from social security benefits. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x