How much do I have to take out of my 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. You can determine your applicable distribution period or life expectancy by using the Tables in Appendix C of Publication 590 on the Internal Revenue Service (IRS). 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.

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KBID: 1140Date Modified: 3/17/2015Date Created: 8/10/2009

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