RMD Calculations

[PERSonalTime]

Are there any charts or scales that one can used to calculate RMD distributions? Is there a simple factor that can be used?


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[Telly]

A 4-function calculator and IRS PUB 590 should be everything you need.

Publication 590 (2013), Individual Retirement Arrangements (IRAs)

Section 1, Traditional IRAs, and read on down. Appropriate tables referenced in text.

 

[kaneohe]

from the referenced pub 590 tables are in the Appendix
Publication 590 (2013), Individual Retirement Arrangements (IRAs)

in Tables I, II, III . Be sure to use the table appropriate to your circumstances....see the descriptor at the top of each table. If you are using Table I (beneficiary), you use the table divisor the first yr and then subtract 1 from that number each yr. For the other tables , you use the table each yr to get the divisor.

 

[PERSonalTime]

Thanks everyone. This information is complicated to use. Is there anything simpler out there? Maybe something like a calculator where I could just plug in numbers.


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[kaneohe]

For your own account, try this: RMD Calculator | Required Minimum Distributions | Charles Schwab

If it's a beneficiary account that you inherited, this calculator won't work but if you look over at the left hand side and click on beneficiary RMD another calculator will pop up.

 

[PERSonalTime]

Thanks Kaneohe.
This is much simpler to use.


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[jebmke]

Thanks Kaneohe.
This is much simpler to use.


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Presumably the Schwab calculator is correct; I didn't check it. Keep in mind that the IRS doesn't give a hoot what Schwab thinks. If their calculators are wrong, you're still on the hook for any penalty.

 

[PERSonalTime]

Ok. Does the IRS have a calculator? Thanks!


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[Jackanory]

If you use Fido's RIP: when you look at your Income and Expense Detail, you'll see a column showing your RMDs for each year over 70.

 

[BBQ-Nut]

You can take the IRS tables and make your own calculator in Excel.

I did that so I could model what my 401k balances would be and RMDs for selected years against possible Roth conversions, real returns, and expense profiles.

 

[kaneohe]

Presumably the Schwab calculator is correct; I didn't check it. Keep in mind that the IRS doesn't give a hoot what Schwab thinks. If their calculators are wrong, you're still on the hook for any penalty.

I didn't check it either......the only thing I did look at is that it does switch to a lower RMD if spouse is greater than 10 yrs younger. Suggest OP use the Schwab calculator to check manual calculations using the IRS tables. That will be a good learning exercise. If you agree, then probably both are right. If you disagree, you will need to understand to reconcile the results.