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Are you turning 70 1/2 this year? Do you have IRA, 401K? (Original Post) question everything Dec 2016 OP
What is the "required withdrawal"? CountAllVotes Sep 2018 #1
IRS Publication 590-B gives detailed instructions question everything Sep 2018 #2
Thank you! CountAllVotes Sep 2018 #3
I know you probably won't answer, but why in the world have you been told PoindexterOglethorpe Jan 2022 #5
This message was self-deleted by its author vanamonde Jan 2022 #4
I am pretty sure that was changed to 72. Captain Zero May 2022 #6
Why revisit a post from 2016?? Of course it was changed and will continue to.. question everything May 2022 #7

CountAllVotes

(20,854 posts)
1. What is the "required withdrawal"?
Sat Sep 29, 2018, 11:37 AM
Sep 2018

Do you happen to know?

I have a rather small IRA and I rather doubt I'll see 70-1/2.

However, it is a possibility!

Thanks for the info.!


question everything

(47,271 posts)
2. IRS Publication 590-B gives detailed instructions
Sat Sep 29, 2018, 12:32 PM
Sep 2018

Since contributions to IRA reduced taxable income, at some point tax is due. And this is the year when one turns 70-1/2. The institution where the funds are kept should notify you, also calculate the amount. Not so straight forward, and the publication has examples. Spouse's birthday was June so had to start taking that year. Mine was August, so waited for the following year.

This publication has several tables on how to calculate the amount. Different when the spouses are more than 10 years apart in age.

It depends on the amount one had on Dec. 31st the previous year.

We use Appendix B, Table III.

Thus, for the first year, 70 the amount to be withdrawn is the amount at the end of the year divided by 27.4.

If you had $10,000, you will have to withdraw $365 for that year. For the following year, the denominator is 26.5 and so forth.

And I do hope you will reach way beyond 70 1/2!

CountAllVotes

(20,854 posts)
3. Thank you!
Sat Sep 29, 2018, 01:25 PM
Sep 2018

My husband is almost 20 years older than I am but he has no IRA to draw off of.

In any event, I may be around at 70-1/2 but I've been told I'd live to be abt. 10 years less that my parents did. One died at 75; the other at 77.

Grandparents are no better (63 grandfather; 62 grandmother).

I'll have to hit it before 70-1/2 I think. So difficult to plan for such things!

Thanks again!

PoindexterOglethorpe

(25,750 posts)
5. I know you probably won't answer, but why in the world have you been told
Wed Jan 5, 2022, 11:19 PM
Jan 2022

you'll live 10 years less than your parents?

Exactly why did those grandparents die so young? Do you understand that things, especially health care, are vastly different these days?

In any case, if you have an IRA, and if you are now 70 1/2, there are many on-line resources to figure out your required distribution. Here's a link to one calculator: https://www.investor.gov/financial-tools-calculators/calculators/required-minimum-distribution-calculator

The internet is your friend.

Response to question everything (Original post)

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