How does one calculate the Required Minimun Disbursement from a 401(k) rollover or IRA?
Thanks.
--
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a 401(k)
rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account on December 31 of the previous year and multiply by a factor derived from the actuarial life expectancy based on your age on that December 31.
Ira Smilovitz, EA
Leonia, NJ
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a 401(k)
rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account on >December 31 of the previous year and multiply by a factor derived from the >actuarial life expectancy based on your age on that December 31.
Ira Smilovitz, EA
Leonia, NJ
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a
401(k) rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account
on December 31 of the previous year and multiply by a factor derived
from the actuarial life expectancy based on your age on that December
31.
Ira Smilovitz, EA
Leonia, NJ
ira smilovitz <ira.smilovitz@gmail.com> wrote in news:8d22bd08-1c07-4f38-a0e1-4d58d3b63711n@googlegroups.com:
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a
401(k) rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account
on December 31 of the previous year and multiply by a factor derived
from the actuarial life expectancy based on your age on that December
31.
Ira Smilovitz, EA
Leonia, NJ
Many thanks.
On 7/9/21 3:42 PM, ira smilovitz wrote:
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a 401(k)
rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account on
December 31 of the previous year and multiply by a factor derived from
the actuarial life expectancy based on your age on that December 31.
Ira Smilovitz, EA
Leonia, NJ
Umm...I believe one uses the age at the end of the tax year being filed.
See https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf
where it says:
1.IRA balance on December 31 of the *previous* year.$_________
2.Distribution period from the table below for your age on your birthday >*this year*.
wrote in message news:R-6dndNQbc0XM3X9...@giganews.com...
On 7/9/21 3:42 PM, ira smilovitz wrote:
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a 401(k) >>> rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account on >> December 31 of the previous year and multiply by a factor derived from
the actuarial life expectancy based on your age on that December 31.
Ira Smilovitz, EA
Leonia, NJ
Umm...I believe one uses the age at the end of the tax year being filed.
See https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf
where it says:
1.IRA balance on December 31 of the *previous* year.$_________
2.Distribution period from the table below for your age on your birthday >*this year*.
I think that's correct. The "end of prior year" date only comes into play
for determination of the IRA balance. It's the age in the current tax year that determines the line you choose from in the table. So if I turn 72 in 2021, then I use age 72 in the table but I use my total account balance
total as of the end of 2020.
--
--
On 7/9/2021 1:40 PM, Boris wrote:
ira smilovitz <ira.smilovitz@gmail.com> wrote in
news:8d22bd08-1c07-4f38-a0e1-4d58d3b63711n@googlegroups.com:
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a
401(k) rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the
account on December 31 of the previous year and multiply by a factor
derived from the actuarial life expectancy based on your age on that
December 31.
Ira Smilovitz, EA
Leonia, NJ
Many thanks.
I am surprised nobody mentioned there are a jillion RMD calculators on
line. Here is one:
https://www.kiplinger.com/kiplinger-tools/retirement/t032-s000-minimum- ira-distribution-calculator-what-is-my-min/index.php
There are others that will estimate RMDs over a number of years based
on an assumed rate of return for your account.
On 7/9/21 3:42 PM, ira smilovitz wrote:
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a
401(k) rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account
on December 31 of the previous year and multiply by a factor derived
from the actuarial life expectancy based on your age on that December
31.
Ira Smilovitz, EA
Leonia, NJ
Umm...I believe one uses the age at the end of the tax year being
filed.
See https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf
where it says:
1.IRA balance on December 31 of the *previous* year.$_________
2.Distribution period from the table below for your age on your
birthday *this year*.
"ira smilovitz" wrote in message news:8d22bd08-1c07-4f38-a0e1-4d58d3b63711n@googlegroups.com...
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a
401(k) rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account
on December 31 of the previous year and multiply by a factor derived
from the actuarial life expectancy based on your age on that December
31.
Ira Smilovitz, EA
Leonia, NJ
if you're below 80 and don't have the table handy you can get a rough estimate by taking your balance as of the end of the prior year and
dividing that number by the difference between 98 and your age. For
example, if you have a $500,000 balance and you are 75 - divide
$500,000 by 23 (98-75) and you get roughly $21,700.
--
On Friday, July 9, 2021 at 5:43:33 PM UTC-4, Rick wrote:
wrote in message news:R-6dndNQbc0XM3X9...@giganews.com...
I think that's correct. The "end of prior year" date only comes into
On 7/9/21 3:42 PM, ira smilovitz wrote:
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a
401(k) rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the
account on December 31 of the previous year and multiply by a
factor derived from the actuarial life expectancy based on your
age on that December 31.
Ira Smilovitz, EA
Leonia, NJ
Umm...I believe one uses the age at the end of the tax year being
filed.
See https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf
where it says:
1.IRA balance on December 31 of the *previous* year.$_________
2.Distribution period from the table below for your age on your
birthday *this year*.
play for determination of the IRA balance. It's the age in the
current tax year that determines the line you choose from in the
table. So if I turn 72 in 2021, then I use age 72 in the table but I
use my total account balance total as of the end of 2020.
--
--
I should know better than to post something without double checking
it.
Ira Smilovitz, EA
Leonia, NJ
I am surprised nobody mentioned there are a jillion RMD calculators on
line. Here is one:
https://www.kiplinger.com/kiplinger-tools/retirement/t032-s000-minimum-ira-distribution-calculator-what-is-my-min/index.php
There are others that will estimate RMDs over a number of years based on
an assumed rate of return for your account.
How does one calculate the Required Minimum Disbursement from a 401(k) rollover or IRA?
Thanks.
On 7/9/21 11:58 AM, Boris wrote:
How does one calculate the Required Minimum Disbursement from a 401(k) rollover or IRA?
Thanks.
Over and above the other replies, you do need to know some other facts
about minimum required distributions (MRDs) from IRAs and 401(k)s.
While we are at it, let's throw in 403(b)s.
Excluding inherited IRAs, MRDs from your non-Roth IRAs can all get
combined. I.e., after you calculate the MRD for each of your non-Roth
IRAs (traditional IRAs, SEP IRAs, and SIMPLE IRAs), you can total them
up and take that total MRD from any combination of those accounts.
Inherited IRAs have their own calculation (different set of rules) and
you must take the MRD from the inherited IRA.
403(b)s work like the above IRAs. You calculate the MRD from each
403(b, get a total and take the total MRD from any combination of the 403(b)s.
401(k)s work slightly differently. You calculate the MRD from each
company 401(k) and you MUST take each company's MRD from that company's 401(k).
Don't forget RMD fans, you can combine RMD's and withdraw the total amount from one IRA account. Make good notes or you will forget you did that
bw
wrote in message news:R-6dndNQbc0XM3X9...@giganews.com...
On 7/9/21 3:42 PM, ira smilovitz wrote:
On Friday, July 9, 2021 at 3:03:23 PM UTC-4, Boris wrote:
How does one calculate the Required Minimun Disbursement from a 401(k) >>> rollover or IRA?
Thanks.
--
See IRS Pub. 590-B. Conceptually, you take the balance in the account on >> December 31 of the previous year and multiply by a factor derived from
the actuarial life expectancy based on your age on that December 31.
Ira Smilovitz, EA
Leonia, NJ
Don't forget RMD fans, you can combine RMD's and withdraw the total amount from one IRA account. Make good notes or you will forget you did thatlUmm...I believe one uses the age at the end of the tax year being filed.
See https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf
where it says:
1.IRA balance on December 31 of the *previous* year.$_________
2.Distribution period from the table below for your age on your birthday >*this year*.
I think that's correct. The "end of prior year" date only comes into play
for determination of the IRA balance. It's the age in the current tax year that determines the line you choose from in the table. So if I turn 72 in 2021, then I use age 72 in the table but I use my total account balance
total as of the end of 2020.
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