IRA required minimum distributions table 2022

IRA required minimum distributions table 2022

Internal Revenue Service put money into a traditional IRA

Defer taxes on your contribution and any investment gains all through your career

Have to take out minimum amounts annually known as required minimum distributions or RMDs from your account once you reach age 72

RMDs also apply to employer-sponsored retirement accounts such as 401(k) and 403(b) plans

Method to Calculate required minimum distribution for an IRA

Divide the year-end value of your IRA or retirement account by the distribution period value that matches your age on Dec. 31st every year

Lets understand via example

David, who is age 78, whose IRA was worth $100,000 at the end of last year

It indicates a distribution period of 22.0 years for an 78-year-old

David must take out at least ($100,000 divided by 22.0) $4545.45 this year 

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