global Tax How Do You Calculate Your RMD? November 21, 2023 Turning 73 in 2024? Time to take your first RMD from your retirement accounts! Learn more about calculating your RMD here. Wondering how much your RMD needs to be? We explore this and more in our whitepaper, Your Guide to Required Minimum Distributions (RMDs). Here’s a sneak peek. How do you calculate the RMD? Annually the RMD is calculated by dividing the IRA balance as of December 31 of the preceding calendar year by the applicable life expectancy factor from IRS tables. A separate table is used if the sole beneficiary is the owner’s spouse who is 10 or more years younger than the account owner. You can find the tables here- https://www.irs.gov/retirement... Download our whitepaper, Your Guide to Required Minimum Distributions (RMDs) for more information about how much you need to withdraw, penalties for missing the deadline and more. Contact us to take the guesswork out of taking RMDs and for more details on what’s changed under recent legislation. We can help you comply with the rules and minimize any adverse tax consequences.