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If you rollover assets into your own IRA, you can use the favorable Uniform Life Expectancy Table to calculate RMDs after you turn 73. In addition, you get another exclusive benefit.
To get an idea of how this works in practice, consider a retiree who turns 73 this year and has a $132,500 IRA balance. Their life expectancy factor per the IRS Uniform Lifetime Table is 26 1/2 ...
Using the tables provided by the IRS, your life expectancy factor is 26.5. (You use Table III (Uniform Lifetime) in cases where the account holder is unmarried, the spouse is not more than 10 ...
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 that the decedent would have had (using government tables). If the IRA owner named a non-person (such as his estate) as the beneficiary and had died after beginning required minimum ...
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 than ...
Life table. In actuarial science and demography, a life table (also called a mortality table or actuarial table) is a table which shows, for each age, the probability that a person of that age will die before their next birthday ("probability of death "). In other words, it represents the survivorship of people from a certain population. [1]
In that case, their joint life expectancy would be 31.7 years. So the first RMD would be trimmed to $6,309.15. The IRS provides a table for this situation in its Publication 590-B .
Individual retirement account. An individual retirement account[1] (IRA) in the United States is a form of pension [2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age.