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Beneficiary Required Minimum Distributions
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RSSThe purpose of the Beneficiary Required Minimum Distributions calculator is to illustrate required minimum distributions by age of the beneficiary of a retirement account. To use this tool you will need to enter the inherited account's balance as of the last day of the year before the year of distribution, how the original account's owner was when they passed away, how old you were at the end of the year following the original account owner's death, your age at the time of the distribution, the accounts annual rate of return, if you were the original account owner's spouse, and if your birthday is after June 30th. This calculator will take all of this information into consideration and then create a chart of required minimum distributions by your age. You can also select to display the result by age or by required minimum distributions.
Beneficiary Required Minimum Distributions Overview
If you inherit a retirement plan from your spouse, a family member, or a close personal relation, then you will need to decide how you want to handle the management of the account. In most cases you will want to first refer to the rules and regulations set out by the IRS regarding minimum distribution rates and alternative cash out possibilities. Your first option is to cash out the retirement account and pay taxes on a lump sum distribution. If you don't want to cash out the account then you should hold off making distributions from the account until it is required by the IRS.
If you would like to examine when distributions will need to be made and how much you will need to withdrawal as the beneficiary of a retirement account then you should use our Beneficiary Required Minimum Distributions calculator.