How to calculate IRA RMD
I am 72 this year and how do you figure how much to take out each year?
Terry Says
First total up all the balances in ALL your IRAs (assuming you have more than one) at YEAR-END 2021.
Then use this link to calculate your RMD which must be taken this year — based on your age, and the amount of money in your year-end 2021 balance.
You can take it out monthly or in any way you choose. But be sure to have the custodian (it can be taken from one or more accounts) withhold at least 20% in taxes, or even more if you will be in a higher tax bracket.
