SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I have a problem with this year's RMD amount. Schwab emailed me and said here is your RMD calc;
$713,111.03 (TIRA final balance at 12/31)
RMD calculated by Schwab = $33,445.68
Now my age at the end of this year will be 79
I am not making my spouse the beneficiary of the IRA
My IRS chart factor is 21.1 (Care act table per IRS)
My calculations show $33,796.73
OK, who is right?
No matter which tables I use, I can't duplicate their number.
My new divisor table agrees with you that for age 79 the divisor should be 21.1 assuming you don't have to use Table II.
My math agrees with you that if your 12/31 IRA balance is as you gave it, then the math results in the $33,796.73 that you got.
But I also think Schwab is pretty competent and that their computers can do math.
I did the reverse math and divided your balance by their RMD and get a number a bit over 21.3 but not exactly 21.3.
Based on the above:
I don't think Schwab is using the old table. They're more competent than that, and if they did use the old table the divisor would be 19.5 and their amount would be higher.
I suspect something unusual is going on:
Perhaps your 12/31 balance is not what you think it was - maybe there were some outstanding dividends or interest that were paid into your account that weren't reflected in your 12/31 number you gave.
Perhaps you have an outstanding IRA rollover. That apparently can affect the balance and affect RMDs.
Of course, you could call Schwab and ask how they got that number.
ETA: I can't even find a 21.3 number in Table II unless you're actually turning 80 and your wife is turning 66 this year. Even then, the 21.3 would mean an RMD of $33,479.39. So I still think your 12/31 number is off somehow.
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