IRAs - Traditional

Minimum distributions must be made by April 1 the year after the year you turn 70 and a half. After the first distribution, minimum distributions must be made by December 31 each year. Step 1 is to Access the proper life expectancy table. Life expectancy tables are in Appendix C of IRS PUBLICATION 590. Table 1 is for use by one beneficiary. Table 2 is for IRA owners whose spouse is more than 10 years younger than the owner and the spouse is the sole beneficiary. Table 3 is for anyone else. Step 2 is to Find the appropriate life expectancy amount to determine distribution period. Step 3 is to Divide the IRA account balance from December 31 of the prior year by the distribution period to calculate the minimum distribution for the period.