Required Minimum Distribution Inquiry
Access this screen by selecting Tool 415: IRA Required Minimum Distrib. Inquiry.
This inquiry tool is used to calculate the yearly Required Minimum Distribution amount for an individual's IRA, letting you experiment with “what if” scenarios to help a member plan for his or her future IRA distributions. This calculator is simply a quick way to look up RMD amounts using either the IRS Uniform Lifetime or the Joint Life and Last Survivor Tables.
Start by entering the birthdate for the owner of the IRA. This is used to determine life expectancy. Next, enter the amount the owner anticipates having in his or her IRA at age 72, when annual distributions are required. Then choose whether or not the Uniform Table (Table III) should be used when calculating the RMD.
Refer to current IRS guidelines when deciding whether or not to use the Uniform Table for calculating a member's minimum distribution. Typically, the Uniform table is used in most cases except when the beneficiary is a sole spousal beneficiary that is more than 10 years younger than the primary member where Table II is used. (See IRS Publication 590 for more details.)
When all fields have been completed, use Enter to perform the calculation an view it on the next screen. The table will show a year-by-year breakdown of the required distribution amounts, starting when the owner reaches age 72 and continuing to age 115.
If the uniform table is not being used Table II will be used for the RMD calculation. Table II is used when the Primary Beneficiary is the sole spousal beneficiary AND is more than ten years younger than the Account Holder. In this case an additional screen will appear with fields to allow you specify how the calculation should be performed.