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There are few penalties within the IRS code that hurt more than an RMD miscalculation penalty.
The confusing part for many retirees is knowing which of the 3 RMD tables you need to follow to calculate your RMD.
Should you follow the Uniform RMD Table? What about the Joint RMD Table? Or maybe the Single Life Expectancy RMD Table?
It can be enough to make any retiree’s head spin.
But following RMD rules is a must. Both with your own IRAs as well as with any inherited IRAs.
Note: Inherited IRAs before 2020 have an annual inherited IRA RMD due to a previous stretch ira provision
This video will be the blueprint you need to accurately calculate and take your required minimum distributions throughout your retirement.
We will give examples and show how to calculate your RMD from year to year.
#RequiredMinimumDistribution #RMD #RetirementIncomePlanning
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What I don't understand is if the inherited IRA with a balance of $478,000 only has to take out $16,149 and each year it increases by the 10th year the tax hit will be astronomical as the balance will be over $300,000 plus it will make that person be in a higher tax bracket. I think you take the balance and divide it by 10. That would result in a $43,000 withdrawal and each year that goes up so the 10th year is much more manageable from a tax perspective. Your welcome lol.
Why do you make think complicated ????
I thought with the tax act passed in 2018 any inherited IRA, ROTH has to be fully withdrawn in 10 years
At the 2 minute mark you said Roth accounts are subject to rmds. Please explain. Do I have to withdraw from my Roth just like my traditional iras? If so, how is it not taxed?
What table would I use if the beneficiary of my IRA is my son who is 33 years younger than me or mt granddaughter who is 58 years younger?
What if you have TWO separate IRA accounts and you are required to take 4% and these accounts are with two different brokerage places. Do you take 2% from both ? Or 4% from just one of them ?
Difference between Roth IRA from Roth 401k?
Ok but age when?
Good explanation of an important, but little discussed topic. I think the next logical discussion would be which RMD table a surviving spouse would use. They have several circumstances and options per the IRS when inheriting an IRA that may impact the choice of a RMD table (or mistakenly use). Compounding their situation is that their tax filing status will most likely change from "married" to "single" which only increases the tax bill while lowering the "take home" withdrawal amount.
What table would you use if you have 2 IRA accounts. One IRA has your spouse that is 12 years younger than you as the sole survivor, and another IRA has your spouse listed along with your child as another beneficiary?
Add in a declining stock market and add in your ever increasing RMD. “I shoulda had a ROTH”
There are errors in the Uniform table at 2:49. EX: 27.3 for 72 should be 27.4, and 21 for 79 should be 21.1, etc.
Where can I see the full tables?
Barry: I am looking at a new uniform life table which shows the divisor at age 79 as 21.1 not 21.0. Which is correct?
Can't believe gold diggers have a separate RMD table, that's more advantageous!! Ofcourse not everyone is a gold digger.
Roth 401K gets counted too for RMDs. I read somewhere, Roth 401K to Roth IRA conversion may go away; especially if current BBB is approved as is by the senate, which is unlikely.
Let the learning begin, thanks to Eric Sajdak, nobody explains it better!
I have no idea of which RMD table I will be subject too, 14 years from now.