IRA Minimum Withdrawal Calculator |
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Use this calculator to estimate the minimum you must withdraw from your IRA once you turn 70 1/2. The penalty for failing to take the minimum is steep: you'll have to fork over half of what you failed to withdraw. There are two methods for determining your minimum withdrawal.
1. You can base withdrawals on the DIVISOR (based on your life expectancy and that of your beneficiary) at the time of your first withdrawal. If you choose to use this method and you're about to take your first minimum IRA withdrawal, use this calculator to figure the DIVISOR for your first year; then subtract 1 from the DIVISOR for each subsequent year.
2. You can recalculate the DIVISOR each year. Use this calculator to find the DIVISOR for your initial minimum IRA withdrawal and also for subsequent withdrawals. Note: Once you choose a method you must stick with it for subsequent withdrawals. The method you choose will affect how payments will be made to your beneficiary. Consult your tax adviser to help make your decision. If your beneficiary is your spouse, this calculator works if you are 70 to 90 years old and your spouse is 55 to 90 years old. For other ages, see IRS Publication 590. You can browse through Publication 590 online for more details on the scheduling and figuring of the required distribution. (To view the tables, it's best to download Publication 590 in .PDF format and look at it with the Adobe Acrobat viewer.) Please read our disclaimer.
IRA Minimum Withdrawal Calculator Use this calculator to estimate the MINIMUM you must withdraw from your IRA this year.
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