Thursday, June 20, 2024
HomeInvestingRetirement PlanningRMD - Required Minimum IRA Distribution Table 2024

RMD – Required Minimum IRA Distribution Table 2024

Updated 2/14/2024

Required Minimum IRA Distribution (RMD)
Current Age Distribution
period (years)
Percent Current Age Distribution
period (years)
Percent
7227.43.65%977.812.83%
7326.53.78%987.313.70%
7425.53.93%996.814.71%
7524.64.07%1006.415.63%
7623.74.22%1016.016.67%
7722.94.37%1025.617.86%
7822.04.55%1035.219.24%
7921.14.74%1044.920.41%
8020.24.96%1054.621.74%
8119.45.16%1064.323.26%
8218.55.41%1074.124.40%
8317.75.65%1083.925.65%
8416.85.96%1093.727.03%
8516.06.25%1103.528.58%
8615.26.58%1113.429.42%
8714.46.95%1123.330.31%
8813.77.30%1133.132.26%
8912.97.76%1143.033.34%
9012.28.20%1152.934.49%
9111.58.70%1162.835.72%
9210.89.26%1172.737.04%
9310.19.91%1182.540.00%
949.510.53%1192.343.48%
958.911.24%120 and older2.050.00%
968.411.91%

Source: www.irs.gov

Required Minimum Distribution (RMD) is the amount the IRS requires the owner of an Individual Retirement Account (IRA) to withdrawal each year. Traditional IRA’s, SEP and SIMPLE accounts, and employer sponsored retirement plans, such as 401k plans are all subject to RMD. Required Minimum IRA Distribution begins once the qualified account owner reaches age 72. Upon reaching age 72, IRA withdrawals must begin no later than April 1 of the following year.

The exact IRA distribution amount is based on the account value at year-end along with the owner’s life expectancy, so it changes each year. You may utilize the Uniform Lifetime 2024 Table (above), to calculate your RMD amount. To find the required minimum distribution amount locate your age along with the corresponding distribution period. Your IRA account’s value is then divided by the IRA distribution period, resulting in your approximate withdrawal percentage. For example, a 75 year old with an IRA valued at $100,000 would be required to withdrawal at least $4,065 for the year ($100,000 divided by 24.6) or 4.07%.

You can always take more than the Required Minimum Distribution, though the extra amount can’t be applied to the following year. In other words, if your RMD is $1,000 for this year and you take $1,500, the extra $500 cannot be credited toward next year’s RMD.

Please consult your tax advisor regarding your personal situation before implementing a distribution plan.

The Money Alert
The Money Alert
From our archives. The Money Alert staff writers are made up of individuals with diverse financial backgrounds. Sharing their broad professional and personal finance experience in an informative uncomplicated way.
RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments