2007-12-11 04:35:04 · 3 answers · asked by hank5921 1 in Business & Finance ➔ Taxes ➔ United States
There are tables that give the percentage you have to withdraw in the IRS publication on IRA's, Publication 590 which you can download at irs.gov .
There are multiple tables, depending on whether you are single, or married with spouse as beneficiary and if so, the age difference between you.
2007-12-11 05:06:05 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Be sure to use the worksheets and realize that you need to do a new calculation each year.
For example, if your life expectancy is 16.3, you divide your IRA balance by 16.3, you do not multiply. The next year you take the remaining balance (which hopefully has grown from interest) and divide by the number for the next year 15.5....
2007-12-11 14:41:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The "Required Minimum Distribution".
.....which is a different amount for everybody.
2007-12-11 12:47:08 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋