Use Our Free RMD Calculator to Find Your Required Minimum Distribution

If you have a traditional IRA or 401(k) and you are approaching age 73, knowing your required minimum distribution amount is one of the most important numbers in your retirement plan. Taking too little can trigger a steep IRS penalty. Taking without planning can push you into a higher tax bracket, affect your Medicare premiums, or cause more of your Social Security to become taxable. We built a free RMD calculator to take the guesswork out of that number.

The calculator uses the IRS Uniform Lifetime Table, which is the table most people use to calculate their annual RMD. Here is how it works: you enter your account balance as of December 31 of the prior year, select the distribution year, and enter your birth year. The calculator then figures out your age on December 31 of the distribution year, which is the exact age the IRS uses for the calculation. It divides your balance by the corresponding life expectancy factor from the table and gives you your estimated RMD.

There is also an option for people whose spouse is the sole beneficiary of the account and is more than 10 years younger. In that situation, a different IRS table applies, and the result is a lower RMD. The calculator handles that automatically when you check that box and enter your spouse's age.

Once you calculate your RMD, the results show you the annual amount, the life expectancy factor the IRS assigns to your age, and a breakdown of the calculation so you can see exactly how the number was reached. It also breaks the distribution into monthly and quarterly amounts in case you want to spread withdrawals throughout the year instead of taking one lump sum at the end.

A few things to keep in mind. This calculator gives you an estimate based on the IRS Uniform Lifetime Table. If you have multiple accounts, you will need to calculate an RMD for each one separately before deciding where to take the distributions from. For traditional IRAs, you can combine the total and take it from any one account. For 401(k) accounts, each plan must satisfy its own RMD requirement. Your account custodian is also required to calculate your RMD each year and will often send you the number. Use our calculator as a cross-check or as a planning tool before you get that statement.

The deadline for most people is December 31 of each year. If you are taking your very first RMD, you have until April 1 of the following year, but taking it that late means you will have two RMDs in one year, both of which count as income. If you miss the deadline, the IRS charges a 25 percent excise tax on the amount you should have taken. That penalty can be reduced to 10 percent if you correct the mistake within two years, but the best outcome is never needing to correct it in the first place.

Use the calculator on this page to get your number, and if you have questions about how your RMD fits into your overall tax picture, we are here to help.