IRA distributation table - over 70.5.

[Guest CBCPNYC]

My parents need to take distriputions on their IRA's (He 77, she is 74). I need to know how or where I can get a table or calculation to figure out how much they need to take out of the IRA for each person this year?

Thanks for your help.

[jevd]

See Publication 590 below. Tables are in the back.

Calculation instructions are in Chapter 1.

Uniform Table applies if less than ten years difference in age.

Pub 590

Age 74- 23.8 yrs

age 77 21.2 yrs

From Uniform Table

[John G]

Your custodian may also have a copy of form 590. Some have the data online to aid retirees.

If they have not been taking funds out of their IRAs, you may have a problem because they are both beyond age 70. If so, post again and the accountants that respond to questions will give you some tips of how the get back on track with the IRS.

[Appleby]

Also, the custodian is required to calculate the RMD amount if they had the account as of 12/31 of last year. They must either:

-------Provide your parents with the calculation upfront, or

-------Provider a reminder that the RMD is due , with an offer to perform the calculation upon request.

Check for any notification they may have received from the custodian during the last few days/weeks, as they are required to provide the notification by January 31…or , your parents may ask them about the RMD notice that they should receive for their IRAs

[Guest CBCPNYC]

Thank you for the info. I will ask my partents for the documentation.