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The purpose of the Required Minimum Distributions is to show users when they need to start taking distributions and how much each distribution needs to be valued at. To use this tool you will need to enter the account balance as of 12/31 of the year before your first distribution year, your age at the end of the first distribution year, your beneficiary's age, and your estimated rate of return. You will also need to tell the calculator if your birthday is after June 30th and if your sole beneficiary is your spouse. The calculator will examine this data and chart your required minimum distributions for you.
The IRS governs most of your retirement planning activities. They determine how much tax you pay on your savings, when you pay taxes on your retirement savings, how much you can deposit into your retirement account tax deferred, when you need to start taking distributions from your retirement account, and how much you need to take out of your account each year after you retire. In order to help you keep track of the required minimum distributions that you will need to make and when, you can use our Required Minimum Distributions.