Once an IRA or retirement plan owner reaches the age of 70 1/2 they
are required to take a required minimum distribution RMD from the account each year.
(In the year a participant reaches are 70 1/2 they may elect to take their required minimum
distribution in the following year assuming they take it by April 1st of the following year.) Starting in
2001 the IRS issued new regulations that simplified the calculation of this distribution. This calculator
uses the new calculation.
Do not use
this calculator to calculate the RMD of a participant who's beneficiary is a spouse who is more than
ten years younger than the participant. Also, do not use this calculator to calculate RMD for an account
that has been inherited from someone else.