Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
Use your ages as of each of your birthdays in 2021, which makes the actual date of the distribution during 2021 irrelevant. If this is an IRA, not a qualified plan, the following info from last year's IRS Pub. 590-B addresses this (this year's Pub. 590-B is not yet available):

Life expectancy. If you must use Table I, your life expectancy for 2020 is listed in the table next to your age as of your birthday in 2020. If you use Table II, your life expectancy is listed where the row or column containing your age as of your birthday in 2020 intersects with the row or column containing your spouse's age as of his or her birthday in 2020. Both Table I and Table II are in Appendix B.

Sole beneficiary spouse who is more than 10 years younger. If the sole beneficiary of your IRA is your spouse and your spouse is more than 10 years younger than you, use the life expectancy from Table II (Joint Life and Last Survivor Expectancy) in Appendix B.

The life expectancy to use is the joint life and last survivor expectancy listed where the row or column containing your age as of your birthday in 2020 intersects with the row or column containing your spouse's age as of his or her birthday in 2020.

You figure your required minimum distribution for 2020 by dividing your account balance at the end of 2019 by the life expectancy from Table II (Joint Life and Last Survivor Expectancy) in Appendix B.

Example. You own a traditional IRA. Your account balance at the end of 2019 was $100,000. You are married and your spouse, who is the sole beneficiary of your IRA, is 11 years younger than you. You turn 75 in 2020 and your spouse turns 64. You use Table II. Your joint life and last survivor expectancy is 23.6. Your required minimum distribution for 2020 would be $4,237 ($100,000 ÷ 23.6).
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.