Year-Specific IRA RMD Calculator 🧮
| Year | Age | RMD ($) |
|---|
How to Use the IRA RMD Calculator
To use the IRA RMD calculator, enter your age and the total value of your IRA account as of December 31st of the previous year. Click on ‘Calculate’ to determine the Required Minimum Distribution for the year.
IRA RMD Calculator for 2020, 2021, 2022, 2023
The IRA RMD (Required Minimum Distribution) calculator helps individuals to determine the minimum amount they must withdraw from their IRA accounts annually. This is based on IRS guidelines and varies depending on the age of the account holder and the account balance at the end of the previous year.
RMD Calculation for 2020
In 2020, RMDs were suspended due to the CARES Act, so individuals were not required to take distributions for this year.
RMD Calculation for 2021
For the year 2021, RMD rules resumed, and individuals had to follow the usual procedure to determine their distributions.
RMD Calculation for 2022
In 2022, the RMD calculations continued as per IRS guidelines, with no major changes compared to 2021.
RMD Calculation for 2023
For 2023, ensure to use the updated life expectancy tables provided by the IRS for accurate RMD calculations.
FAQ
What is an RMD?
RMD stands for Required Minimum Distribution, which is the minimum amount you must withdraw from your retirement accounts each year starting at age 72.
How do I calculate my RMD?
To calculate your RMD, divide your account balance as of December 31 of the previous year by the distribution period from the IRS’s “Uniform Lifetime Table.”
Can I withdraw more than my RMD?
Yes, you can withdraw more than your RMD, but any amount not withdrawn by the deadline may be subject to a 50% penalty.