Tax

Have a tax question? Ask a tax Expert

# How do I calculate a required minimum distribution from an…

Customer Question
How do I calculate a...
How do I calculate a required minimum distribution from an IRA when someone turns both 70 1/2 and 71 in the same year? For 71; I use the balance in the IRA as of Dec 31st what balance do I use to calculate age 70 1/2?
Submitted: 1 month ago.Category: Tax
Show More
Show Less
3/9/2018
Tax Professional: emc011075, Tax adviser replied 1 month ago
Category: Tax
Satisfied Customers: 3,587
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

Customer reply replied 1 month ago
12/27/1946
Tax Professional: emc011075, Tax adviser replied 1 month ago

So you turned 70 1/2 in Jun 27, 2017. To calculate your 2017 RMD you use December 31, 2016 balance and divide it by 26.5.

Customer reply replied 1 month ago
what about the RMD for age 71 in the same year
Tax Professional: emc011075, Tax adviser replied 1 month ago

Your distribution is based on the age on your birthday for that year. If you turn 71 in 2017, you divide the balance by 26.5. In 2018, when you turn 72, you will divide the balance by 25.6%. You use 27.4% only if you are born in the first 6 month so by the end of the year you are 70 1/2 but not 71 yet.

Tax Professional: emc011075, Tax adviser replied 1 month ago

Any questions?

Category: Tax
Satisfied Customers: 3,587
3,587 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

• 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.

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.
...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.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Enrolled Agent

1,338 satisfied customers

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

Richard

Tax Attorney

4,451 satisfied customers

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

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

15,124 satisfied customers

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

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

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

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I'm the Successor Trustee - in charge of distributing the
I'm the Successor Trustee - in charge of distributing the Trust's income to the income beneficiaries. The trust is supposed to distribute the "income" - on an annual basis. The question becomes what %… read more
Dr. Fiona Chen
President
Ph.D.
921 satisfied customers
Does Massachusetts tax Roth IRA distributions if the
Does Massachusetts tax Roth IRA distributions if the contributions were made in NY while a NY resident and withdrawn years later while a Massachusetts resident.… read more
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am and executor for an estate. Funds were distributed,
I am and executor for an estate. Funds were distributed, some in 2017 and some in 2018. I need to know if I need to file taxes for this year or next, since all tax liability should be passed to the be… read more
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
If I report the distribution listed on K1 line 19A, the
If I report the distribution listed on K1 line 19A, the software adds the difference between net rental income and the amount distributed and taxes the difference. So, do I need to enter the amount on… read more
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Partnership is owned 50-50. Cash distribution during the
Partnership is owned 50-50. Cash distribution during the year was made \$60,000 to Partner A and \$40,000 to partner B. The K1 shows the distributions, but where does the excess \$20,000 to Partner A app… read more
Dr. Fiona Chen
President
Ph.D.
921 satisfied customers
My son received a 1099Q with gross distributions, earnings,
My son received a 1099Q with gross distributions, earnings, and basis. He is the designated beneficiary, and only has \$100 of other unearned income. If he spent more than the gross distributions on sc… read more
Carter McBride
LLM
966 satisfied customers
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Is a IRA distribution in a divorce settlement taxable to the
Is a IRA distribution in a divorce settlement taxable to the spouse receiving the distribution?… read more
abci168
Principal
27 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
Enrolled Agent, Paralegal
4,931 satisfied customers
Is a required minimum distribution considered a pension
Is a required minimum distribution considered a pension payment? … read more
Robin D.
15,124 satisfied customers
For an S Corp, if the shareholder distribution is in excess
Hi Carter,For an S Corp, if the shareholder distribution is in excess of the shareholder's stock basis, this is treated as gain from the sale or exchange of the underlying stock; however, can you tell… read more
Carter McBride
LLM
966 satisfied customers
A complex trust: there is a distribution of principal
A complex trust: there is a distribution of principal pursuant to withdrawal rights of the beneficiary. Trust has ordinary income(dividends and rents) plus 100,000. capital gains from sale of stock. T… read more
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 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
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,064 satisfied customers
In regards to a final corpus (principal) distribution.
In regards ***** ***** final corpus (principal) distribution. Should the amount be included on form 1041 schedule B Line 10 and K-1 Line 14 Code I with explanation? I am making this the final trust di… read more
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If a trust is required to distribute a portion of its
If a trust is required to distribute a portion of its residue to a charity, can it deduct this residue distribution from taxable income? … read more
Master's Degree
180 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
Retired
Bachelor's Degree
14,896 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
Enrolled Agent, Paralegal
4,931 satisfied customers
Geetings- RE: Equitable distribution and distributive award.
Geetings-RE: Equitable distribution and distributive award.E.D. Judgment: marital home is over-valued. . Broker uses the courts over-valued sales price. . 5 five months later broker recommends \$75K sa… read more
Patrick Mullis
Masters
18 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