What is my current year required minimum distribution?

This calculator provides an illustrative projection of your current year required minimum distribution (RMD), if any. The IRS requires you to make an annual minimum withdrawal from certain qualified plans after reaching a specific age based on your date of birth. The RMD is calculated annually based on the balance of the account at the end of the previous year, your age, who is the designated beneficiary of the account, and your spouse's age if they are the designated beneficiary. If you do not complete the annual RMD, you may be subject to a 25% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn. Timely filing of Form 5329 may reduce the penalty to 10%. Understanding your annual RMD is an important component of effective retirement planning.

Dates Of Birth

Year of RMD (2010 to 2040)

	Month (1 to 12)	Day (1 to 31)	Year (1920 to 2024)
You
Beneficiary

Plan Information

Is the designated beneficiary of the account the owner's spouse?

What was the prior year end balance of the account? ($)

Type of account/plan?

Your Email Address I am currently a member of Santa Clara County Federal Credit Union.

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