This online IRA Current RMD Calculator will estimate your required minimum distribution if you are an IRA owner age 70-1/2 or older. If you are age 70-1/2 or older, and would like to forecast your withdrawals for several years into the future, see the IRA Future Withdrawals Calculator.
Otherwise, if you are younger than age 70-1/2 and would like to forecast the effect RMDs will have on your retirement, please use the IRA Growth and Distribution Calculator instead.
If you are the owner of a Traditional IRA you are required to begin making minimum distributions (withdrawals) from your IRA at age 70-1/2. The penalty is severe for an insufficient withdrawal (50% of the undistributed amount), so make sure your plan administrator has your current phone number!
The amount you are required to withdraw is based on your life expectancy as determined from the Internal Revenue Service life expectancy tables. This calculator does the "looking up" for you and then divides your IRA balance by the resulting factor to arrive at your required minimum distribution amount.
The IRA RMD calculator is based on Table II (Joint Life and Last Survivor Expectancy) and Table III (Uniform Lifetime) Table from IRS Publication 590-B (2015) (opens new window). If your spouse is the sole beneficiary and is more than 10 years younger than you, Table II is used. If you are unmarried or your spouse is not more than 10 years younger than you, or your spouse is not your sole beneficiary, Table III is used.
Please keep in mind that the results of this calculator are merely estimates and are not to be used for calculating your actual distribution amount. Consult your plan administrator for the exact amount required.
With that, let's use the IRA RMD Calculator to estimate your required minimum distribution.
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Minimum Distribution Requirement (RDM): Minimum distribution requirements come into play when an owner of a qualified retirement plan reaches age 70-1/2, or when a beneficiary assumes or inherits and IRA from the deceased owner. The withdrawal for the first year of the distribution can be deferred to the following year (for tax purposes), but must be withdrawn before April 1st. After that withdrawals must me made prior to December 31st. The penalty for insufficient distributions is 50% of the undistributed amount.Minimum Distribution Formula: In order to calculate the amount of your required minimum distribution, you first need to look up your life expectancy factor in the IRS life expectancy tables. Once you find your life expectancy factor, you then divide the year-end balance of your IRA by that factor. The result is the amount you are required to withdraw from your IRA by the end of the current year (or April 15th of the following year if this is your first year of making required withdrawals).
IRS Life Expectancy Tables: Tables provided by IRS Publication 590-B for determining Minimum Distribution Requirements for qualified retirement plans. They are the Single, Joint Life and Last Survivor, and the Uniform Lifetime Table.