How to Calculate the Amount of Your RMDs From Your IRA
- 1). Identify your age at the end of the calendar year as a whole number. For example, if you turn 73 in October, your age for the purposes of calculating your RMD would be 73.
- 2). Consult your financial records or call the bank that holds your IRA to find out the value of the account at the end of the previous year. For example, if you are calculating your RMD for the 2014 year, you would need to know the value of your account at the end of the 2013 calendar year.
- 3). Use the Joint Life and Last Survivor Expectancy table if your spouse is your sole beneficiary and is at least 10 years younger than you to find the distribution period. If not, use the Uniform Lifetime table to find the distribution period. Both tables are found in the appendix of IRS Publication 590. For the Joint Life and Last Survivor Expectancy table, find your age in the left-hand column and your spouse's age in the top row. Where the row and column intersect is your distribution period. For those using the Uniform Lifetime table, find your age in the left column and your distribution period in the column next to it (see Resources).
- 4). Divide your account value from the end of the prior year by your distribution period to find your RMD. For example, if your distribution period equals 24.7 and your account value equals $330,000, divide $330,000 by 24.7 to find your RMD equals $13,360.32.
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