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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 to take minimum required distribution?
The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.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 do you calculate the minimum required distribution?
The required minimum distribution is calculated by dividing the account balance at the end of the previous year by a minimum distribution factor.