Locate your age on the IRS Uniform Lifetime Table. Find the “life expectancy factor” that corresponds to your age. Divide your retirement account balance as of December 31 of the previous year by your current life expectancy factor.

To calculate your required minimum distribution, simply divide the year-end value of your IRA by the distribution period value that matches your age on 12/31 each year. Every age beginning at 70 has a corresponding distribution period, meaning you must calculate your RMD every year.

How do I calculate my RMD for my IRA?

Here are the steps for calculating your RMD: Determine the balance of your IRA as of December 31 the previous year. Enter it on line 1 of the worksheet. Find your age on the IRA RMD Table and enter your distribution period on line 2 of the worksheet. Divide the amount on line 1 by the number you entered on line 2. Enter this amount on line 3.

How to calculate required minimum distributions for IRA?

If you need further help calculating your RMD, you can also use Bankrate’s required minimum distribution calculator. RMDs allow the government to tax money that’s been protected in the traditional IRA, potentially for decades.

What happens if you take more than your RMD in an IRA?

If you take more than your RMD one year, you are not able to take less than your RMD the following year. The minimum is the minimum and it cannot be changed by taking more or less the year before. It is also important to note that your IRA could be subject to temporary rule changes by the IRS.

Is there a 10 year rule for RMD?

There’s no annual RMD under the 10-year rule. If you fail to distribute all of the assets after the 10th year, those assets will be subject to a 50% penalty, or excise tax. Which calculator do I use if I inherited an IRA from my spouse? You can use the Traditional IRA calculator if you’ve inherited an IRA from a spouse. How is my RMD calculated?