FINANCIAL FITNESS WITHDRAWALS FROM INDIVIDUAL RETIREMENT ACCOUNTS (IRAS) Fact Sheet

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3 the minimum distribution between January 1 of the year you turn 70½, and April 1 of the year after you turn 70½, which gives you 15 months to make your first withdrawal. For the second and all future distribution years, you must take out the required amount between January 1 and December 31. Calculating the amount of withdrawals. Calculating your required distribution for any given year is just a matter of determining an account balance for your IRA and dividing that balance by the appropriate life expectancy. The resulting number is the minimum amount you must withdraw from the account for that year. According to the IRS, the account balance for computing your required distribution each year is determined as of the last valuation date in the calendar year before the distribution calendar year. For the vast majority of people, this date would be December 31 of the year before the distribution. Once you have the account balance, you must divide it by a life expectancy to arrive at your required minimum withdrawal. The life expectancy can be your own single life, or a joint life expectancy with a designated and qualified beneficiary. Withdrawals can be in one lump sum, or you may withdraw in monthly, quarterly, or semi-annually amounts. Remember, you can withdraw more than the required amount each year, but you may not withdraw less without incurring a penalty. If you have more than one IRA, you must compute the required distribution for each IRA separately, but then you may add up all the computed amounts and take the total from only one or several IRAs as long as the total amount for each year is distributed before the deadline. How do you recalculate your life expectancy? The IRS permits you to recalculate your life expectancy in one of two ways: (1) For each year beginning with the year you turn 70½, you can look up your life expectancy in a table provided by the IRS. Using this method your life expectancy will not reach zero until you die. (2) You can look up your life expectancy in the year you turn 70½ and then simply subtract one from that number each additional year thereafter without using a table. This is called the term certain method because life expectancy is fixed it is not recalculated every year. Using this method, if you live beyond your term-certain life expectancy, your retirement account will be completely depleted. Table 1. Abbreviated IRS life expectancies for single individuals Age Life Expectancy (in years) As the IRA owner, you are permitted to recalculate your life expectancy every year. If your spouse is your beneficiary and you use a joint life expectancy, you can recalculate your spouse s life expectancy each year as well. You may not recalculate the life expectancy 3

8 If you have a traditional IRA, you must begin required distributions when you reach your RBD. If you die after your RBD, a special set of distribution rules apply (see above). But because you are not required to take distributions from a Roth during your lifetime, you have no RBD for that purpose. Consequently, it is irrelevant whether you die before or after your RBD (or the date that would have been your RBD for traditional IRA purposes). Instead the five year rule or the exception to the five year rule will apply to your Roth IRA regardless of when you die. Summary. The rules for withdrawing funds from a traditional IRA or Roth IRA are complicated. People who withdraw funds before age 59½ may have a 10% early distribution tax levied on their withdrawal unless the distribution falls within one of the special exception rules. Failure to withdraw the required minimum distribution starting the year after reaching age 70½ may result in a penalty equal to 50% of the undistributed amount. IRA owners may require the assistance of a specialist, such as a certified public accountant, certified financial planner or attorney who specializes in taxes, to be sure they are following the rules. References Avoiding costly mistakes when planning IRA distributions (1999). TIAA-CREF Participant, vol. #, Goetting, M.A. & Tengle, P.M. (1999). Withdrawals from individual retirement accounts (IRAs) Montana State University Extension Service, Bozeman. Rowland, M. (1994). Pension-payout headaches. Modern Maturity, , Slesnick, T., & Suttle, J.C. (1999). IRAs, 401(k)s, & other retirement plans: Taking your money out. Available from Nolo Press, 950 Parker Street, Berkeley, CA Acknowledgment This fact sheet was developed at the suggestion of Joann Mathis-Ross, Davis County agent, Utah State University Extension Service. Utah State University Extension is an affirmative action/equal employment opportunity employer and educational organization. We offer our programs to persons regardless of race, color, national origin, sex, religion, age or disability. Issued in furtherance of Cooperative Extension work, Acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture, Robert L. Gilliland, Vice-President and Director, Cooperative Extension Service, Utah State University, Logan, Utah. (EP /DF) 8

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