How much must be taken out of an individual’s IRA at age 70 1/2?
Required minimum distributions apply each year beginning with the year the account owner turns age 70 1/2. The required minimum distribution for each year is calculated by dividing the IRA account balance as of December 31 of the prior year by the applicable distribution period or life expectancy. An account owner can determine his or her applicable distribution period or life expectancy by using the Tables in Appendix C of Publication 590. Table I is used by beneficiaries. Table II is for use by owners who have spouses who are both the IRA’s sole beneficiary and who are more than 10 years younger than the owner. Table III is for use by all other owners.
Related Questions
- Can an individual receive distributions from a traditional individual retirement account (IRA) prior to age 59 1/2 and not be subject to the premature distribution penalty of 10%?
- Can I automatically rollover my Account balance to an IRA when I reach age 59 1 /2?
- How much must be taken out of an individual’s IRA at age 70 1/2?
