Required Minimum Distribution (RMD) Calculator
Account Information
RMD Analysis
Required Distribution
$0
For 2024
Distribution Rate
0.00%
Of account balance
Total Projected RMDs
$0
Over projection period
Monthly Distribution
$0
If taken monthly
Understanding RMDs
What are RMDs?
Required Minimum Distributions (RMDs) are the minimum amounts you must withdraw annually from your traditional retirement accounts once you reach age 73. These accounts include traditional IRAs, 401(k)s, 403(b)s, and other employer-sponsored retirement plans.
Key RMD Rules for 2024
- RMDs must begin by April 1st of the year following the year you turn 73
- Subsequent RMDs must be taken by December 31st of each year
- RMDs are calculated separately for each retirement account
- Failure to take RMDs can result in a 25% penalty on the amount not taken
Important Considerations
- RMDs are taxed as ordinary income
- You can withdraw more than the minimum required amount
- Roth IRAs do not require RMDs during the owner's lifetime
- You can donate your RMD to charity (QCD) to reduce taxable income
Planning Tips
- Consider taking RMDs early in the year to avoid missing deadlines
- Plan for taxes by making quarterly estimated tax payments if needed
- Consider consolidating accounts to simplify RMD calculations
- Review your investment strategy to ensure it aligns with RMD requirements