- 1). Determine which IRS life expectancy table applies to your situation. The life expectancy tables are found in the appendix of IRS Publication 590. Table 1 is used if you received the IRA as part of your inheritance. Table 2 is used if your spouse is your only beneficiary and is at least 10 years younger than you. If neither of these situations applies to you, use table 3.
- 2). Determine the age you will turn during the calendar year and, if using table 2, the age your spouse will turn. For example, if you will turn 83 on Nov. 13, you would use 83 as your age.
- 3). Locate your age on the left-hand column of the appropriate life expectancy table to find your distribution period. If you are using table 2, find your spouse's age across the top row. Next, find the column in which your age and your spouse's age meet to determine your distribution period.
- 4). Contact your financial institution to find out the value of your IRA as of Dec. 31 of the prior year. You may also have this information in your financial records.
- 5). Divide the value of your retirement account by the distribution period to determine your required minimum distribution. For example, if your distribution period is 16.3 years and your IRA is valued at $40,000, you would divide $40,000 by 16.3 to find your required minimum distribution: in this case, it is equal to $2,453.99.
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