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If you use this table, you'll have a lower RMD. The math is simple. Take your account balance from the end of the prior year and divide it by the life expectancy factor in the appropriate IRS table.
Table I (Single Life Expectancy) is used when the beneficiary is not the spouse of the IRA owner. ... Table II (Joint Life and Last Survivor Expectancy) is used for owners whose spouses are more ...
In this case, you must use the IRS Joint Life and Last Survivor Expectancy Table. You can also find this on IRS Publication 590. However, your life expectancy factor would be based on the ages of ...
The RMD rules are designed to spread out the distributions of one's entire interest in an IRA or plan account over one's life expectancy or the joint life expectancy of the individual and his or her beneficiaries. The purpose of the RMD rules is to ensure that people do not accumulate retirement accounts, defer taxation, and leave these ...
If you’ve reached age 72, you must take RMDs. Use this table as a guide.
For example, let’s say you’re 72, have $500,000 in a traditional IRA, and have a life expectancy factor of 27.4. This year you’d need to withdraw $18,248 ($500,000 / 27.4).
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