I'm looking for a good IRA Withdrawal calculator to help us figure our required withdrawals. Suggestions please.
Thanks for the link, and I must say that an interesting thing occured after clicking on it...the Google page appeared, and said "let me google that for you" and proceeded to type in "IRA Withdrawals". That in turn brought me to a typical Google page full of articles and companies like Vanguard.Here's to hoping that this change is shortlived with Google.
Grouse! I'm still laughing! Can't wait to use that site on some friend or another. Thanks.Trini
I'm looking for a good IRA Withdrawal calculator to help us figure our required withdrawals. Suggestions please. I'm not sure you really need a calculator. The IRS Publication 590 is fairly easy to follow. See Appendix C.http://www.irs.gov/pub/irs-pdf/p590.pdfBob
Help! I'm having trouble understanding exactly when I must make a required IRA withdrawal. Publication 590 (2009) states "You must receive at least a minimum amount for each year starting with the year you reach age 70 1/2. If you do not receive that minimum amount in your 70 1/2 year, then you must receive distributions for your 70 1/2 year by April 1 of the next year".Must I take the withdrawal in the year I turn 70 1/2 or do I have a choice of starting the withdrawal in the year I turn 70 1/2 or waiting until April of the following year?If there is a choice of which year to take the rmd, what are the benefits and drawbacks of each approach?
"If there is a choice of which year to take the rmd, what are the benefits and drawbacks of each approach?"Yes, you have the choice.One advantage of waiting 'till next April is that the money continues to grow (hopefully) tax deferred for a few more months. One disadvantage of waiting is that you will need to take a second RMD that year because the one in April was for the preceding year. The second withdrawal may push you into a higher tax bracket.
I'm having trouble understanding exactly when I must make a required IRA withdrawal. Your first required withdrawal is FOR the year in which you turn 70 1/2. It's based on the prior year-ending balance and your age at the end of your "70 1/2" year. You may delay taking this, and only this, distribution until April 1 of the following year. You must take the RMD for the following year during that calendar year.Example. You turn 70 1/2 in 2012. You must take an RMD for 2012 between 1/1/2012 and 4/1/2013. You must take an RMD for 2013 between 1/1/2013 and 12/31/2013.You have to look at your particulars, but to me it makes more sense to take your first RMD during your 70 1/2 calendar year. Continuing with the above dates, if you delayed you'd have RMD's for both 2012 and 2013 on your 2013 return, creating a spike in income. Also, your 2012 ending balance, used to calculate your 2013 RMD, would still include the money spoken for by the 2012 RMD.PhilRule Your Retirement Home Fool
Try Google and you will give well over a million. Since the process involves dividing ones account values by a 3 digit number in a table this is hardly a case of Bill's calculator is better than Bob's.GordonAtlanta
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