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The purpose of the Required Minimum Distributions for Current Year is to calculate the current required minimum distribution amount for the user. To use this tool you will need to enter the account balance as of 12/31 of year prior to the distribution year, your age as of 12/31 of the distribution year, the beneficiary's age, if your birthday is after June 30th, and if your sole beneficiary is your spouse. The calculator will look at all of this information to determine what your current required minimum distribution is.
The IRS requires that you make minimum distributions from your retirement account during the year that you turn 70 ½. The amount of the minimum distribution that you will be required to make will depend on the value of your retirement account and your life expectancy. You can use our Required Minimum Distributions for Current Year calculator to determine how much your current minimum distribution amount should be for.