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Their life expectancy factor per the IRS Uniform Lifetime Table is 26 1/2 years. Dividing their $132,500 balance by the 26 1/2-year distribution period gives them an RMD of $5,000 for the year.
Here is the RMD table for 2023, based on the Uniform Lifetime Table of the IRS, which is the most widely used table (It is Table 3 on page 65). The IRS has other tables for account holders and ...
Locate your age on the IRS Uniform Lifetime Table. ... If you rollover assets into your own IRA, you can use the favorable Uniform Life Expectancy Table to calculate RMDs after you turn 73.
The Uniform Lifetime Table is designed for unmarried IRA owners, married IRA owners whose spouses aren’t more than 10 years younger than they are and married owners whose spouses aren’t the ...
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A life table generally shows the number of people alive at integral ages. If we need information regarding a fraction of a year, we must make assumptions with respect to the table, if not already implied by a mathematical formula underlying the table. A common assumption is that of a Uniform Distribution of Deaths (UDD) at each year of age.
To calculate yours, take your account balance at the end of 2023 and divide it by the distribution period for your age, listed in the IRS Uniform Lifetime Table.
There are two types of life tables used in actuarial science. The period life table represents mortality rates during a specific time period for a certain population. A cohort life table, often referred to as a generation life table, is used to represent the overall mortality rates of a certain population's entire lifetime.