What Is My Current Year Required Minimum Distribution?
Current tax law specifies that once you reach age 70-1/2 you must begin making taxable withdrawals from your IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, plan balance at the end of the previous year, marital status and spouse's age. If you do not meet the annual minimum distribution, you may be subject to a 50% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn. You must be AT LEAST 70 1/2 years of age to use this calculator, younger plan owners are not subject to the required minimum distribution rules.
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