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If you’ve reached age 72, you must take RMDs. Use this table as a guide.
In 2023, the age went from 72 years to 73, ... The required minimum distribution is calculated by taking the account balance as of Dec. 31 of the previous year and dividing it by a life expectancy ...
The RMD is calculated by dividing the balance of your retirement account at the end of the previous year (2023) by your "distribution period" -- a number the IRS sets based on your age.
The Secure 2.0 Act increased the required minimum distribution age from 72 to 73 starting in 2023. Starting in 2033, the RMD age jumps to 75. But this creates a problem for anyone born in 1959.
The 5-year rule does not apply if the decedent died after having started his/her required minimum distributions (generally if he/she died later than April 1 after reaching age 72 [a]). In that case, there is no 5-year rule, and the beneficiary takes distributions over the length of his/her own life expectancy or the remaining life expectancy ...
Continue reading → The post IRA Required Minimum Distribution (RMD) Table for 2023 appeared first on SmartAsset Blog. Once you reach a certain age, though, you'll have to start taking a minimum ...
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