How to calculate your RMD
Enter your account balance as of December 31 of the prior year and your age as of December 31 of the current year. The calculator divides your balance by the IRS life expectancy factor for your age to get your Required Minimum Distribution.
RMD rules reference
RMDs apply to traditional IRAs, 401(k)s, 403(b)s, and most other tax-deferred retirement accounts. Under SECURE 2.0 (2023), RMDs begin at age 73. Formula: RMD = Account Balance ÷ Life Expectancy Factor. The IRS Uniform Lifetime Table factor decreases each year, so the percentage you must withdraw increases as you age.
FAQ
When must I take my first RMD?
Under the SECURE 2.0 Act, you must take your first RMD by April 1 of the year after you turn 73. For all subsequent years, the deadline is December 31.
What happens if I miss my RMD?
The IRS imposes a 25% excise tax on the amount not withdrawn (reduced to 10% if corrected within two years). Always take your RMD by the deadline.