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How do I calculate a required minimum distribution from an…

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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
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3/9/2018
Tax Professional: emc011075, Tax adviser replied 1 month ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,587
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Hi. My name is ***** ***** I will be happy to help you.

When is your birthday?

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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.

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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.

Here's the table: https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

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Tax Professional: emc011075, Tax adviser replied 1 month ago

Any questions?

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