2022 brought in new rules for distribution options that will benefit retirees. The new RMD Tables in 2022 were a welcome change for many.
The good news is the new distribution factor updates used in the new IRS required minimum distribution tables had a big impact. The new RMD tables reduced the minimum RMD retirees will have to withdraw their first RMD from their qualified retirement plans starting at age 72.
For those that don’t need their entire RMD, this is great news. This allows retirees to let their eligible retirement investments continue to be tax-deferred for longer before they must start their original distribution period and start periodic payment amounts.
The new RMD tables for 2022 have reduced the required minimum distributions from retirement accounts. For example, if you turned 72 in 2022, the first RMD for retirement account owner could be reduced by about 6.5% based on the new distribution factor used in the new RMD tables (current tables vs old tables).
The Department of the Treasury and the Internal Revenue Service (IRS) announced new required minimum distribution (RMD) tables for 2022. The new tables reflect the impact of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which waived RMDs for 2020. The new tables can be found in Notice 2021-14. The old tables can be found in Notice 2020-51.
I have made everything easy for you to know how to calculate RMD in 2023. I will provide you step by step directions on how to calculate your RMD, every required minimum distribution table, and even an RMD calculator table to use later in the article. The new tables are as follows:
CALCULATING YOUR RMDs WITH THE 2023 RMD TABLES:
Total Time: 3 minutes
Step 1 – Life Span Expectation
To use the IRS RMD illustrations, you will need to know your the numbers for the calculation. You can find your RMD factor in the IRS Life Expectancy Tables below.
Step 2 – Calculate your RMD with the IRS RMD Charts
You can now use the applicable distribution period tables (IRS RMD Charts) below to calculate your RMD. The IRS RMD Charts are divided into two parts.
– The first part is for people who are married and the second part is for people who are not married. If you are married, you will use the table for married people. If you are not married, you will use the table for unmarried people.
– Once you know which table to use, you will need to find your age in the left-hand column.
IRS Publication 590
Step 3 – Determine IRA Value
Now it is time to figure out the accounts year-end value of your IRA, for RMD purposes. The value of your IRA is the account value in your retirement account on December 31 of the previous year. You can find this either on your end of year statement, or by viewing your account online.
For example – If I am trying to calculate my 2023 RMD, I would need to look at my IRA balance from December 31, 2022
Step 4 – Calculate Your RMD
Once you have found completed step 1, found your table (step 2) and the value of your IRA (step 3), you can determine your RMD.
The Math: Divide your December 31 retirement account balance by your table factor to get your final RMD withdrawal amount. The RMD is the amount of retirement funds that you must withdraw from your IRA each year.
* If you have multiple pre-tax retirement accounts, you will calculate separate RMD’s for each retirement account.
Supply:
- Pen and paper
Tools:
- Each of the IRS RMD Charts
- RMD Calculator
IRA Required minimum distribution (RMD) Formula =
12/31 Retirement account balance / statistical longevity
Sample RMD calculation walk through:
– Tom turns 72 this year, and needs to take his first RMD. According to the chart below, his life span factor is 27.4 years
– Tom looks at his statement from the previous year end (12/31/22) and the IRA balance was exactly $1,000,000
– Tom would divide $1,000,000 by his factor of 27.4 and get $36,349.25.
– $36,349.35 – Tom will need to make a withdrawal of $36,349.35 by Tom before the end of the year.
Chart – Impact Of New RMD New Uniform Lifetime Table 2022
Chart – IRA Required Minimum Distribution New IRS Joint Life Expectancy Table 2022
Chart – To Calculate Post Death RMDs to Beneficiaries of Retirement Accounts
RMD Calculator
To See the full 2022 RMD Uniform Lifetime Table 2022 pdf, CLICK HERE
RELATED READING
| Uniform Lifetime Table | |||||
| Age | L.E. Factor | % Equivalent | Age | L.E. Factor | % Equivalent |
| 72 | 27.4 | 3.65% | 97 | 7.8 | 12.82% |
| 73 | 26.5 | 3.77% | 98 | 7.3 | 13.70% |
| 74 | 25.5 | 3.92% | 99 | 6.8 | 14.71% |
| 75 | 24.6 | 4.07% | 100 | 6.4 | 15.63% |
| 76 | 23.7 | 4.22% | 101 | 6 | 16.67% |
| 77 | 22.9 | 4.37% | 102 | 5.6 | 17.86% |
| 78 | 22 | 4.55% | 103 | 5.2 | 19.23% |
| 79 | 21.1 | 4.74% | 104 | 4.9 | 20.41% |
| 80 | 20.2 | 4.95% | 105 | 4.6 | 21.74% |
| 81 | 19.4 | 5.15% | 106 | 4.3 | 23.26% |
| 82 | 18.5 | 5.41% | 107 | 4.1 | 24.39% |
| 83 | 17.7 | 5.65% | 108 | 3.9 | 25.64% |
| 84 | 16.8 | 5.95% | 109 | 3.7 | 27.03% |
| 85 | 16 | 6.25% | 110 | 3.5 | 28.57% |
| 86 | 15.2 | 6.58% | 111 | 3.4 | 29.41% |
| 87 | 14.4 | 6.94% | 112 | 3.3 | 30.30% |
| 88 | 13.7 | 7.30% | 113 | 3.1 | 32.26% |
| 89 | 12.9 | 7.75% | 114 | 3 | 33.33% |
| 90 | 12.2 | 8.20% | 115 | 2.9 | 34.48% |
| 91 | 11.5 | 8.70% | 116 | 2.8 | 35.71% |
| 92 | 10.8 | 9.26% | 117 | 2.7 | 37.04% |
| 93 | 10.1 | 9.90% | 118 | 2.5 | 40.00% |
| 94 | 9.5 | 10.53% | 119 | 2.3 | 43.48% |
| 95 | 8.9 | 11.24% | 120 | 2 | 50.00% |
| 96 | 8.4 | 11.90% |
| Single Life Table | ||||||||
| Age | L.E. Factor | % Equivalent | Age | L.E. Factor | % Equivalent | Age | L.E. Factor | % Equivalent |
| 0 | 84.6 | 1.18% | 41 | 44.8 | 2.23% | 82 | 9.9 | 10.10% |
| 1 | 83.7 | 1.19% | 42 | 43.8 | 2.28% | 83 | 9.3 | 10.75% |
| 2 | 82.8 | 1.21% | 43 | 42.9 | 2.33% | 84 | 8.7 | 11.49% |
| 3 | 81.8 | 1.22% | 44 | 41.9 | 2.39% | 85 | 8.1 | 12.35% |
| 4 | 80.8 | 1.24% | 45 | 41 | 2.44% | 86 | 7.6 | 13.16% |
| 5 | 79.8 | 1.25% | 46 | 40 | 2.50% | 87 | 7.1 | 14.08% |
| 6 | 78.8 | 1.27% | 47 | 39 | 2.56% | 88 | 6.6 | 15.15% |
| 7 | 77.9 | 1.28% | 48 | 38.1 | 2.62% | 89 | 6.1 | 16.39% |
| 8 | 76.9 | 1.30% | 49 | 37.1 | 2.70% | 90 | 5.7 | 17.54% |
| 9 | 75.9 | 1.32% | 50 | 36.2 | 2.76% | 91 | 5.3 | 18.87% |
| 10 | 74.9 | 1.34% | 51 | 35.3 | 2.83% | 92 | 4.9 | 20.41% |
| 11 | 73.9 | 1.35% | 52 | 34.3 | 2.92% | 93 | 4.6 | 21.74% |
| 12 | 72.9 | 1.37% | 53 | 33.4 | 2.99% | 94 | 4.3 | 23.26% |
| 13 | 71.9 | 1.39% | 54 | 32.5 | 3.08% | 95 | 4 | 25.00% |
| 14 | 70.9 | 1.41% | 55 | 31.6 | 3.16% | 96 | 3.7 | 27.03% |
| 15 | 69.9 | 1.43% | 56 | 30.6 | 3.27% | 97 | 3.4 | 29.41% |
| 16 | 69 | 1.45% | 57 | 29.8 | 3.36% | 98 | 3.2 | 31.25% |
| 17 | 68 | 1.47% | 58 | 28.9 | 3.46% | 99 | 3 | 33.33% |
| 18 | 67 | 1.49% | 59 | 28 | 3.57% | 100 | 2.8 | 35.71% |
| 19 | 66 | 1.52% | 60 | 27.1 | 3.69% | 101 | 2.6 | 38.46% |
| 20 | 65 | 1.54% | 61 | 26.2 | 3.82% | 102 | 2.5 | 40.00% |
| 21 | 64.1 | 1.56% | 62 | 25.4 | 3.94% | 103 | 2.3 | 43.48% |
| 22 | 63.1 | 1.58% | 63 | 24.5 | 4.08% | 104 | 2.2 | 45.45% |
| 23 | 62.1 | 1.61% | 64 | 23.7 | 4.22% | 105 | 2.1 | 47.62% |
| 24 | 61.1 | 1.64% | 65 | 22.9 | 4.37% | 106 | 2.1 | 47.62% |
| 25 | 60.2 | 1.66% | 66 | 22 | 4.55% | 107 | 2.1 | 47.62% |
| 26 | 59.2 | 1.69% | 67 | 21.2 | 4.72% | 108 | 2 | 50.00% |
| 27 | 58.2 | 1.72% | 68 | 20.4 | 4.90% | 109 | 2 | 50.00% |
| 28 | 57.3 | 1.75% | 69 | 19.6 | 5.10% | 110 | 2 | 50.00% |
| 29 | 56.3 | 1.78% | 70 | 18.8 | 5.32% | 111 | 2 | 50.00% |
| 30 | 55.3 | 1.81% | 71 | 18 | 5.56% | 112 | 2 | 50.00% |
| 31 | 54.4 | 1.84% | 72 | 17.2 | 5.81% | 113 | 1.9 | 52.63% |
| 32 | 53.4 | 1.87% | 73 | 16.4 | 6.10% | 114 | 1.9 | 52.63% |
| 33 | 52.5 | 1.90% | 74 | 15.6 | 6.41% | 115 | 1.8 | 55.56% |
| 34 | 51.5 | 1.94% | 75 | 14.8 | 6.76% | 116 | 1.8 | 55.56% |
| 35 | 50.5 | 1.98% | 76 | 14.1 | 7.09% | 117 | 1.6 | 62.50% |
| 36 | 49.6 | 2.02% | 77 | 13.3 | 7.52% | 118 | 1.4 | 71.43% |
| 37 | 48.6 | 2.06% | 78 | 12.6 | 7.94% | 119 | 1.1 | 90.91% |
| 38 | 47.7 | 2.10% | 79 | 11.9 | 8.40% | 120 | 1 | 100.00% |
| 39 | 46.7 | 2.14% | 80 | 11.2 | 8.93% | |||
| 40 | 45.7 | 2.19% | 81 | 10.5 | 9.52% |
| 2021 | 2022 | ||||||
| Age | Old RMD Factor | Old RMD as % of Account Balance | Current RMD Factor | Current RMD as % of Account Balance | Difference | % Decrease in RMD | Cumulative Difference |
| 72 | 25.6 | 3.91% | 27.4 | 3.65% | -0.26% | -6.65% | -0.26% |
| 73 | 24.7 | 4.05% | 26.5 | 3.78% | -0.27% | -6.67% | -0.53% |
| 74 | 23.8 | 4.21% | 25.5 | 3.93% | -0.28% | -6.65% | -0.81% |
| 75 | 22.9 | 4.37% | 24.6 | 4.07% | -0.30% | -6.86% | -1.11% |
| 76 | 22.0 | 4.55% | 23.7 | 4.22% | -0.33% | -7.25% | -1.44% |
| 77 | 21.2 | 4.72% | 22.9 | 4.37% | -0.35% | -7.42% | -1.79% |
| 78 | 20.3 | 4.93% | 22.0 | 4.55% | -0.38% | -7.71% | -2.17% |
| 79 | 19.5 | 5.13% | 21.1 | 4.74% | -0.39% | -7.60% | -2.56% |
| 80 | 18.7 | 5.35% | 20.2 | 4.96% | -0.39% | -7.29% | -2.95% |
| 81 | 17.9 | 5.59% | 19.4 | 5.16% | -0.43% | -7.69% | -3.38% |
| 82 | 17.1 | 5.85% | 18.5 | 5.41% | -0.44% | -7.52% | -3.82% |
| 83 | 16.3 | 6.14% | 17.7 | 5.65% | -0.49% | -7.98% | -4.31% |
| 84 | 15.5 | 6.46% | 16.8 | 5.96% | -0.50% | -7.74% | -4.81% |
| 85 | 14.8 | 6.76% | 16.0 | 6.25% | -0.51% | -7.54% | -5.32% |
| 86 | 14.1 | 7.10% | 15.2 | 6.58% | -0.52% | -7.32% | -5.84% |
| 87 | 13.4 | 7.47% | 14.4 | 6.95% | -0.52% | -6.96% | -6.36% |
| 88 | 12.7 | 7.88% | 13.7 | 7.30% | -0.58% | -7.36% | -6.94% |
| 89 | 12.0 | 8.34% | 12.9 | 7.76% | -0.58% | -6.95% | -7.52% |
| 90 | 11.4 | 8.78% | 12.2 | 8.20% | -0.58% | -6.61% | -8.10% |
| 91 | 10.8 | 9.26% | 11.5 | 8.70% | -0.56% | -6.05% | -8.66% |
| 92 | 10.2 | 9.81% | 10.8 | 9.26% | -0.55% | -5.61% | -9.21% |
| 93 | 9.6 | 10.42% | 10.1 | 9.91% | -0.51% | -4.89% | -9.72% |
| 94 | 9.1 | 10.99% | 9.5 | 10.53% | -0.46% | -4.19% | -10.18% |
| 95 | 8.6 | 11.63% | 8.9 | 11.24% | -0.39% | -3.35% | -10.57% |
| 96 | 8.1 | 12.35% | 8.4 | 11.91% | -0.44% | -3.56% | -11.01% |
| 97 | 7.6 | 13.16% | 7.8 | 12.83% | -0.33% | -2.51% | -11.34% |
| 98 | 7.1 | 14.09% | 7.3 | 13.70% | -0.39% | -2.77% | -11.73% |
| 99 | 6.7 | 14.93% | 6.8 | 14.71% | -0.22% | -1.47% | -11.95% |
| 100 | 6.3 | 15.88% | 6.4 | 15.63% | -0.25% | -1.57% | -12.20% |
| 101 | 5.9 | 16.95% | 6.0 | 16.67% | -0.28% | -1.65% | -12.48% |
| 102 | 5.5 | 18.19% | 5.6 | 17.86% | -0.33% | -1.81% | -12.81% |
| 103 | 5.2 | 19.24% | 5.2 | 19.24% | 0.00% | 0.00% | -12.81% |
| 104 | 4.9 | 20.41% | 4.9 | 20.41% | 0.00% | 0.00% | -12.81% |
| 105 | 4.5 | 22.23% | 4.6 | 21.74% | -0.49% | -2.20% | -13.30% |
| 106 | 4.2 | 23.81% | 4.3 | 23.26% | -0.55% | -2.31% | -13.85% |
| 107 | 3.9 | 25.65% | 4.1 | 24.40% | -1.25% | -4.87% | -15.10% |
| 108 | 3.7 | 27.03% | 3.9 | 25.65% | -1.38% | -5.11% | -16.48% |
| 109 | 3.4 | 29.42% | 3.7 | 27.03% | -2.39% | -8.12% | -18.87% |
| 110 | 3.1 | 32.26% | 3.5 | 28.58% | -3.68% | -11.41% | -22.55% |
How Long Will My Retirement Funds Last?
The Secure Act was passed in December of 2019 and made some significant changes to the rules around qualified retirement accounts, most notably around IRA required minimum distributions (RMDs). Starting in 2020, the age for the first RMD was increased from 70.5 to 72. This gives account holders an extra 1.5 years to let their retirement account grow without having … Continue reading
What Are The IRA Required Minimum Distributions RMD Rules For 2023
The RMD required beginning date at which RMDs must start is age 72 (also with a deadline of April 1 of the following year).
- According to Section 114 of the SECURE Act, a retirement account owner, or a person who works for an employer that has an employer-provided retirement plan, has to start taking their first RMD at the age of 72 instead of age 70 12. Participants in 401k, 403b, and other retirement contribution plans will still be able to delay RMDs until a later age. As long as they are still working and meet the requirements of IRC Section 401(a)(9)(c)(ii) (I).
- People will be able to distribute their first RMD on time, just like they can now. They can do this in the year they turn 72, or in the next year, up until April 1.
- Let’s fast forward – It’s now April 1st of the year after you turn age 70 12. This means that as the individual retirement account holders (and most plan participants) now have to start taking money out of your IRAs by this date – April 1 of the year after you turned 72.
- If you take your age 72 first RMD between January 1 and April 1, the next year, you will have to take both that RMD (the age-72-RMD) and a second RMD (the age-73-RMD) by the end of the year. This could push you into a higher taxable income bracket.
Consequences: How Will The Required Minimum Distribution RMD Change From Age 70 1/2 to 72 Affect Me?
Even though the distribution period age has been pushed back from age 70 ½ to age 72, the amount you have to take as a required minimum distribution may not change much. How is that possible?
Well, the IRS updated the new life span tables, and has issued new RMD factor tables to be used in calculating IRA required minimum distributions. Lifespans have grown further with the new tables. Since you are expected to live longer – the calculations have decreased the IRA distributions as well
For simplicity – the 72 year old now is expected to live as long compared to that of someone age 70 ½ in the old tables.
FREQUENTLY ASKED QUESTIONS ABOUT RMDs
- Just click on the question or the + plus sign to see the answers
What is a Required Minimum Distribution or RMD?
It is the minimum amount you must take out of your retirement account each year, such as 401k, Traditional IRA, Inherited IRA.
Can I take out more than the minimum required?
You can take out more money than the minimum amount. RMD stands for required minimum distribution. It doesn’t stop people from taking more than the required amount. According to the IRS only about 20% of people take just the RMD amount.
What are the IRS Required Minimum Distribution Tables called?
You will find the IRS RMD Tables referred to by many names, such as:
– RMD Life expectancy table 2023, IRS life expectancy tables 2023, IRS uniform lifetime table 2023, RMD Table 2023
– RMD New Uniform Lifetime Table 2023, RMD New IRS Joint Life Expectancy Table 2023, or New Single Life Table 2023
Did RMD tables change in 2022?
The answer is yes, the RMD tables changed dramatically in 2022. There were new IRS RMD Tables for age 72 in 2022. The new RMD Factors in 2022 were lowered, which means that you will have to take less money out of your retirement account each year. For more information – scroll down in the article.
What and why are there changes? The uniform life expectancy method takes the relevant statistical life span to create a ‘table life expectancy factor’. The updated current life expectancies, or average longevity is now greater – meaning you can stretch out the number of years you can expect to take an IRA required minimum distribution.
Where can I find the RMD percentage chart, or RMD calculation tables?
You can scroll further down this article to see the charts and learn about them, or visit IRS Publication 590 (IRS Pub 590) to learn more. Check the IRS website here for the Life Expectancy Table
Is Age 72 the new 70 1/2 Distribution Period Age?
– Yes, age 72 is the new age 70 ½! The RMD required beginning date used to be based on your age 70 1 2, but now it is based on age 72.
– Not 72 ½, but 72. The April 1 following your 72nd birthday is the deadline to take your first RMD.
– Over the next ten years, the RMDs will be phased from age 70 1 2 to age 72 to eventually age 75. So IRA distributions will eventually start at age 75 instead of age 70 ½ or age 72.
Where can I find the IRS RMD Form?
You can find the RMD IRS Required Minimum Distribution Worksheets at the IRS website here
Will I have to pay income taxes on my required minimum distribution?
– People who withdraw from a retirement account will have to pay taxes on all of the money they withdraw on their actual individual tax rates, not marginal rate of tax..
– An exemption is made for any part that may have already been taxable income.
– or that can be received tax-free (such as qualified distributions from designated Roth accounts).
– The RMD amount could affect the way your social security income benefits are taxed – speak with a tax advisor and your personal financial advisor about your tax rates and implications.
Do Roth IRA’s have a required minimum distributions?
No. Roth IRA’s do not have a required minimum distribution. No, money does not need to be withdrawn from a Roth IRA until after the death of the retirement account owner.
When do you have to withdraw from 401k? Will my 401k forced cash out for the required minimum distribution?
– See above for required minimum distribution rules
– For people who work past age 72 and don’t own more than 5% of the company, they can wait until they retire before taking money from their 401k. But you’d still have to take RMDs from old 401ks you own.
– There is a way around that. In some cases, you can move money from your old 401k to your new one which could mean that you won’t have to take an RMD from a 401k until you retire.
– You would still have to take RMDs from any traditional IRAs.
How will the SECURE Act affect Qualified Charitable Donations?
SECURE ACT changes the start date of RMDs, but doesn’t change the age at which they start for Qualified Charitable Distributions (QCDs). Qualified Charitable Distributions can only be made from IRAs. People will still be able to make QCDs when they reach the actual age of 70 12.
Required Minimum Distributions RMD Rules From Retirement Accounts Such as IRA’s, Roth IRA’s and 401k’s
There are several different types of retirement accounts, and each one has its own set of rules regarding required minimum distributions (RMDs). For example, traditional IRAs and 401(k)s have different RMD rules than Roth IRAs. The RMD rules are also different for inherited retirement accounts.
The RMD rules are designed to ensure that people don’t defer paying taxes on their retirement account balances forever. The rules require people to take IRA distributions from their retirement accounts starting at distribution period age 70 1/2.
You have retirement savings or retirement assets saved up in qualified accounts. Now your retirement income sources are made up of tax-favored retirement accounts, and now you need retirement funds and it is time to take the distributions from company retirement plans.
You now have taxable income, or ordinary income that is creating a tax liability from the RMD amount from your individual retirement accounts. You did a great job with the deferral of retirement income, but will you be in a higher or lower tax bracket in retirement?
Why is comprehensive financial planning important to your retirement and personal finances? It is important for retirement plan participants to strategize your retirement withdrawal strategy of your annual withdrawals, to avoid unnecessary additional taxes.
- Due to the SECURE Act signed by the President, you may be able to defer your first RMD from age 70 ½ to age 72 (and eventually to age 75)
- If you turn age 70 on July 1, 2019 or later – you don’t have to take your first IRA distributions until you are age 72.
The RMD amount of the distribution is based on the IRA balance and the IRA owners longevity.
How Do You Calculate The Required Minimum Distribution RMD
Many people are intimidated by this calculation, but I will walk you through it. You will see it is way more simple than you thought. We will use the required minimum distribution table 2022 to help calculate your RMDS for 2022.
Step by Step – Calculating Required Minimum Distribution 2023
So to get started, you will just need to drag-n-drop the How-to Schema block in the Gutenberg editor. The How-to Schema block can be used on pages that contain a How-to in their title and describe steps to achieve certain requirements.
Total Time Needed :v5 Minutes
Steps to Calculating Required Minimum Distributions 2023:
Step 1
Get the appropriate IRS required minimum distribution worksheet for yourself:
* Feel free to use the worksheets above, the calculators above, or the linked official IRS worksheets listed here in step 1
– Is Your surviving spouse the sole beneficiary of your IRA, and more than 10 years younger than you? If Yes, use this IRS Required Minimum Distribution Worksheet
– If the above does not apply to you, then use this IRS required Minimum Distribution Worksheet.
Step 2
Gather your IRA balances, dated December 31st of the previous year.
Step 3
– Use the applicable table from Step 2, and complete the worksheet.
– Line 1 is divided by the number you enter on line 2.
– That’s your calculated required minimum distribution for the year.
2023 RMD CALCULATION EXAMPLE
12/31 Retirement Account Balance
12/31 IRA balance (divided by)
$100,000 balance on 12/31/2022
Factor From Table
Life expectancy factor from table
20.2 (turns 80 this year)
Calculated RMD
2023 RMD
$4,4950.50
Step 4
Repeat each step, and continue this for each of your traditional (not inherited) IRA’s.
Step 5
Add up and total your required minimum payout.
You can meet your minimum distribution from one or multiple retirement accounts
Be sure you complete the mandatory withdrawals by early December of each year at the latest, to be safe and avoid any mistakes or withdrawal penalty. Penalty-free withdrawals are alwys better.
Step 6
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RELATED READING
FAQ’s
* Just click on the question or the + plus sign to see the answers
When do I have to begin to take RMDs for the first time?
– Your first RMD must be made by the year you turn age 72
– That distribution must be made by the following April 1
– For every other distribution moving forward, it must be made by December 31 of each year
Does that mean I take two distributions the first year?
– It depends. There is nothing keeping you from taking your distribution the first year. You do not have to wait until the following April 1
– If you do wait until April 1 of the following year, yes – you will be taking your first and second distribution in the same year
Is there an advantage of taking it in one year or two?
It really depends on your taxable income and tax situation, and how large your required minimum distributions will be. There may be tax advantages of doing it in one year vs two – but may be tax disadvantages as well from the extra taxable income in one year.
Deadline for receiving required minimum distribution:
– Year you turn age 72 (70 ½ if you reached age 70 ½ before January 1, 2020) – by April 1 of the following year
– All subsequent years – by December 31 of that year
Related Reading: How Will The 2022 SECURE ACT And RMDs Impact You?
New IRS RMD Table for 2022?
The RMD tables are published by the IRS and are available on their website. The tables are updated each year, so be sure to check the IRS website for the most current version. The tables can be found in IRS Publication 590-B, also known as PUB 590-B.
New 2022 RMD Tables – To be used for 2022 and later-year RMDs
- People who own IRAs should use this table to figure out how much money they can take out over their lifetimes, unless their spouse is more than 10 years younger than them.
- Then you would not use this table, but you would use the Joint Life Expectancy Table to figure out how long you and your spouse will live together.
- The Uniform Lifetime Table is never used by IRA beneficiaries to figure out how much in retirement funds they need to take out of their inherited IRAs.
TO VIEW AN RMD TABLE BELOW, JUST CHOOSE WHICH TAB YOU WANT TO VIEW: I, II, or III
- I. RMD New Uniform Lifetime Table 2022
- II. RMD New IRS Joint Life Expectancy Table 2022
- III. New Single Life Table 2022
I. RMD New Uniform Lifetime Table 2022 PDF
To See the full 2022 RMD Uniform Lifetime Table 2022 pdf, CLICK HERE
You can use the following formula for each account to figure out how much money you get in RMDs.
- Take the account balance of each Traditional IRA from December 31st of the past year.
- Find your 2022 RMD factor in the above Uniform Lifetime Table – it is based on the age you will turn this year.
- Line 1 divided by line two equals your 2022 RMD for that account.
FOR EXAMPLE
12/31 Retirement Account Balance
12/31 Account balance (divided by)
$100,000 balance on 12/31/2021
Factor From Table
Life expectancy factor from table (equals)
20.2 (turns 80 this year)
Calculated RMD
2022 RMD
$4,4950.50
II. RMD New IRS Joint Life Expectancy Table 2022
To figure out RMD distributions, this table is used. This table is only used when the spousal exception is in place (when the spouse is the sole beneficiary for the entire year and is greater than 10 years younger than the IRA owner). Beneficiaries of an IRA, or inherited IRA, never use this table.
| Your Age | |||||||||||
| Spouse Age | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 |
| 69 | 23.9 | 23.4 | 23.1 | 22.7 | 22.4 | 22.1 | 21.8 | 21.5 | 21.3 | 21.1 | 20.9 |
| 68 | 24.3 | 24 | 23.6 | 23.3 | 23 | 22.7 | 22.4 | 22.2 | 22 | 21.8 | 21.6 |
| 67 | 24.9 | 24.5 | 24.2 | 23.9 | 23.6 | 23.3 | 23.1 | 22.9 | 22.7 | 22.5 | 22.3 |
| 66 | 25.4 | 25.1 | 24.8 | 24.5 | 24.2 | 24 | 23.7 | 23.5 | 23.4 | 23.2 | 23.1 |
| 65 | 26 | 25.7 | 25.4 | 25.1 | 24.9 | 24.6 | 24.4 | 24.3 | 24.1 | 23.9 | 23.8 |
| 64 | 26.6 | 26.3 | 26 | 25.8 | 25.5 | 25.3 | 25.2 | 25 | 24.8 | 24.7 | 24.6 |
| 63 | 27.2 | 26.9 | 26.7 | 26.5 | 26.2 | 26.1 | 25.9 | 25.7 | 25.6 | 25.5 | 25.3 |
| 62 | 27.9 | 27.6 | 27.4 | 27.2 | 27 | 26.8 | 26.6 | 26.5 | 26.4 | 26.2 | 26.1 |
| 61 | 28.5 | 28.3 | 28.1 | 27.9 | 27.7 | 27.5 | 27.4 | 27.3 | 27.1 | 27 | 26.9 |
| 60 | 29.2 | 29 | 28.8 | 28.6 | 28.4 | 28.3 | 28.2 | 28 | 27.9 | 27.8 | 27.8 |
| 59 | 29.9 | 29.7 | 29.5 | 29.4 | 29.2 | 29.1 | 29 | 28.8 | 28.7 | 28.7 | 28.6 |
| 58 | 30.7 | 30.5 | 30.3 | 30.1 | 30 | 29.9 | 29.8 | 29.7 | 29.6 | 29.5 | 29.4 |
| 57 | 31.4 | 31.2 | 31.1 | 30.9 | 30.8 | 30.7 | 30.6 | 30.5 | 30.4 | 30.3 | 30.3 |
| 56 | 32.2 | 32 | 31.9 | 31.7 | 31.6 | 31.5 | 31.4 | 31.3 | 31.2 | 31.2 | 31.1 |
| 55 | 33 | 32.8 | 32.7 | 32.6 | 32.4 | 32.4 | 32.3 | 32.2 | 32.1 | 32 | 32 |
| 54 | 33.8 | 33.6 | 33.5 | 33.4 | 33.3 | 33.2 | 33.1 | 33 | 33 | 32.9 | 32.9 |
| 53 | 34.6 | 34.5 | 34.3 | 34.2 | 34.1 | 34.1 | 34 | 33.9 | 33.9 | 33.8 | 33.7 |
| 52 | 35.4 | 35.3 | 35.2 | 35.1 | 35 | 34.9 | 34.9 | 34.8 | 34.7 | 34.7 | 34.6 |
| 51 | 36.2 | 36.1 | 36 | 36 | 35.9 | 35.8 | 35.7 | 35.7 | 35.6 | 35.6 | 35.5 |
To see the FULL 2022 IRS RMD Joint Life Expectancy Table pdf, CLICK HERE
You can use the following formula for each account to figure out how much money you need to withdraw for your RMDs.
- Take the account balance of each Traditional IRA from December 31st of the past year.
- Find your 2022 RMD factor in the above 2022 Joint Life Expectancy Table – it is based on the age you will turn this year.
- Line 1 divided by line two equals your 2022 RMD for that account.
FOR EXAMPLE
12/31 Account Balance
12/31 Account balance (divided by)
$100,000 balance on 12/31/2021
Factor From Table
Life expectancy factor from table (equals)
20.9 (turn 80 this year, wife 69)
Calculated RMD
2022 RMD
$4,784.69
When a retirement owner dies, his or her beneficiary designations use this Single Life Expectancy Table 2022 to figure out how long they can expect to live. That factor is reduced by one for each distribution year that comes after this one. It’s the same for surviving spouse beneficiaries who don’t want to roll the IRA over or treat it like their own, but they can check their age each year.
In MOST cases – if the original retirement account owner died on or after January 1, 2020, you will have to fully distribute your account within 10 years.
However, there are different rule for beneficiaries depending on different beneficiary types. For non-spouse beneficiaries and additional beneficiaries, there are some exceptions.
A minor beneficiary of the retirement account owner, a disabled beneficiary or chronically ill person, or anyone else who is not more than 10 years younger than the account owner can be named as sole beneficiary. Disabled trust beneficiary
If you are an eligible designated beneficiary, you can still withdraw RMDs based on the beneficiary birth date and beneficiary life expectancy.
For 2022 RMDs (To Calculate post account owner’s death RMDs to beneficiaries)
| Age of IRA or Plan Beneficiary | Life Expectancy (in years) | Age of IRA or Plan Beneficiary | Life Expectancy (in years) | Age of IRA or Plan Beneficiary | Life Expectancy (in years) |
| 0 1 2 3 4 5 | 84.6 83.7 82.8 81.8 80.8 79.8 | 41 42 43 44 45 | 44.8 43.8 42.9 41.9 41.0 | 81 82 83 84 85 | 10.5 9.9 9.3 8.7 8.1 |
| 6 7 8 9 10 | 78.8 77.9 76.9 75.9 74.9 | 46 47 48 49 50 | 40.0 39.0 38.1 37.1 36.2 | 86 87 88 89 90 | 7.6 7.1 6.6 6.1 5.7 |
| 11 12 13 14 15 | 73.9 72.9 71.9 70.9 69.9 | 51 52 53 54 55 | 35.3 34.3 33.4 32.5 31.6 | 91 92 93 94 95 | 5.3 4.9 4.6 4.3 4.0 |
| 16 17 18 19 20 | 69.0 68.0 67.0 66.0 65.0 | 56 57 58 59 60 | 30.6 29.8 28.9 28.0 27.1 | 96 97 98 99 100 | 3.7 3.4 3.2 3.0 2.8 |
| 21 22 23 24 25 | 64.1 63.1 62.1 61.1 60.2 | 61 62 63 64 65 | 26.2 25.4 24.5 23.7 22.9 | 101 102 103 104 105 | 2.6 2.5 2.3 2.2 2.1 |
To view the FULL 2022 IRS RMD Single Life Expectancy Table pdf, CLICK HERE
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