What is my projected required minimum distributions?
Current tax law specifies that once you reach age 70 1/2 you must begin making taxable withdrawals from your Traditional IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, account balance at the end of the previous year, marital status and spouse's age. If you do not meet the annual minimum distribution, you may be subject to a 50% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn.
Your projected required minimum distributions have been calculated based on the input you provided and are illustrated in the chart and table below. Minimum distributions will be different from those illustrated below for your beneficiaries after your death. Your first year's distribution (at age 70 1/2) may be able to be withdrawn as late as April 1st of the year following the year in which you turn 70 1/2. All other distributions must be made in the calendar year they are required.
|Your date of birth||12/31/1950|
|Your current age||68|
|Is spouse the designated beneficiary?||Yes|
|Beneficiary's date of birth||12/31/1950|
|Beneficiary's current age||68|
|Account balance at end of last year||10000|
|Anticipated return before age 70 1/2||0%|
|Anticipated return after age 70 1/2||0%|
|Table used in analysis||Uniform Lifetime|