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(Also refer to FINRA’s Required Minimum Distribution calculator if you please.)
Required Minimum Distribution Formula:
Required Minimum Distribution = Current Balance / Withdrawal Factor
(search this IRS document to find the withdrawal factor for your age)
Required Minimum Distribution Definition
Are you trying to figure out exactly how much you need to withdraw this year from your IRA account? This can be rather confusing, but it is important that you get it right. Thankfully, this required minimum distribution calculator now makes it easier than ever to figure out how much you need to withdraw by giving you the minimum amount that you need to take out in a solid number figure, formatted in USD. There are no further calculations to do, and all of the math is done for you in a fraction of a second. Understanding your finances has never been so simple.
What Information Do You Need?
You only need to have two pieces of information to use the calculator. These are:
- Your age right now.
- The account balance at the end of last year.
Entering the Balance
You simply put the account balance into the top box of the calculator. You do not need to format it in any special way or use the dollar sign. Just write in the numerical value.
Entering Your Age
Next, choose your age from the drop-down box below. You have to be over 70 years old, so your current age must be at least 70 for it to work. The calculator makes it easy for you to choose your age without making any mistakes since the drop-down box starts at 70. You do not type in the data, so it is nearly impossible to mess it up.
Running the Calculation
After you put in the information, you can click the “Calculate” button that is below both of the input fields. The box will spin around, and your number will be displayed on the back. This amount is what you need to withdraw.