Keyword Analysis & Research: required minimum distribution age 2020

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Frequently Asked Questions

When must I start required minimum distributions?

This requirement is called a required minimum distribution, or RMD. Your first RMD must occur by April 1st of the year after you reach age 70 ½, but most people will find it most tax-efficient to take their first distribution in the year they reach age 70 1/2. Example: Bob’s birthday is in February.

How to calculate required minimum distribution?

Calculating Required Minimum Distributions for Inherited IRAs Step One. ... Step Two. ... Step Three: Divide your IRA balance of $100,000 by your life expectancy factor of 17.8. ... Step Four: Next year, you will look at age 70 (your factor would be 17.0). ... Step One: Are you a spouse below age 72? ... Step Two: If you are a spouse over age 72, let's assume your IRA balance on December 31 of the previous year was $100,000. More items...

When you must take required minimum distribution?

Based on the information you provided, the estimated required minimum distribution is shown below. Required minimum distributions generally must begin no later than April 1 of the year following the year in which you turn 70½. They must be taken by December 31 of each year thereafter.

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