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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 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.

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.


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