Use our free RMD Calculator to quickly determine your Required Minimum Distribution from traditional IRAs, 401(k)s, and other qualified retirement plans for 2024. Avoid significant penalties by understanding your withdrawal obligations. Input your age (as of Dec 31st of the calculation year) and prior year-end account balance to get your estimated RMD.
Formula:
The RMD is calculated using the following formula:
RMD = Prior Year-End Account Balance / Distribution Period Factor
Where:
- RMD = Your Required Minimum Distribution.
- Prior Year-End Account Balance = Your total retirement account balance as of December 31st of the previous year.
- Distribution Period Factor = A factor based on your age from the IRS Uniform Lifetime Table (for those whose spouse is not more than 10 years younger and sole beneficiary).