Current tax law specifies that once you reach age 70½ you must begin making taxable withdrawals from traditional IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, the account balance at the end of the previous year, marital status, and spouse’s age. If you do not take the annual minimum distribution, you may be subject to a 50% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn. Persons age 70½ and older may find this calculator most useful.
Dates Of Birth
Month Day Year
Plan Information
Is your spouse the designated beneficiary?
Account balance at end of last year ($)
This is a hypothetical example used for illustrative purposes only. This worksheet provides an estimate of your annual required minimum distribution from a retirement account based on certain assumptions. It is not intended to provide specific investment advice. There are several other factors that can affect your actual required minimum distribution, including the type of retirement plan and whether you are retired.