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The Single Life Expectancy Table is used by IRA beneficiaries who must take an annual RMD for 2022. The table reproduced here is the most commonly used Uniform Life Table, which matches exactly the Uniform Life Table in the Federal Register. There are some new rules for required minimum distributions (RMDs) from retirement savings accounts (e.g., traditional IRAs and 401(k) plans). I inherited an IRA in 2016. Its a great first step toward protecting your money and it only takes afew seconds. Example: Jodie has decided to retire from their employer on her 73rd birthday, December 31, 2022. When I went to update based on these numbers you have published here I find they are essentially the same as I put in my spreadsheet several years ago a couple years were different by maybe a tenth but thats it. Here are two hypothetical examples using the table above. Who does this RMD change help? There is some penalty relief available, though. The IRS has five full pages of dense text on RMD in general. The IRS requires that you withdraw at least a minimum amount - known as a Required Minimum Distribution - from your retirement accounts annually; starting the year you turn age 70-1/2. IRA Minimum Distribution Calculator - Bankrate ( may let some carry over til march/April. ) I turned 72 the other day. If your spouse is the beneficiary of your IRA on January 1, they remain a beneficiary only for purposes of calculating the required minimum distribution for that IRA even if you get divorced or your spouse dies during the year. Before coming to Kiplinger, he worked for Wolters Kluwer Tax & Accounting and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. On December 31 of last year, the ending balance in his 401 (k) was $262,000. The SECURE 2.0 Act of 2022 was signed into law in late December and changes the Required Minimum Distribution (RMD) age to 73 for individuals who turn 72 on or after January 1, 2023. 2019. I was told by another tax expert that I have to start RMDs all the back to January 1, 2023. Under the pre-2022 RMD table, Eve's life expectancy factor (using the Uniform Life Table) would have been 25.6, and her 2022 RMD would have been $11,719 ($300,000/25.6). Retirement Topics Required Minimum Distributions (RMDs) Example: John reached age 72 on August 20, 2022. year will be 2023, and the required minimum distribution for that year will be based on the applicable distribution period for a 72-year-old individual for 2023 (even though it is permitted to be paid at any time from January 1, 2023, through April 1, 2024).