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Required Minimum Distribution (RMD) Calculator

Wednesday, December 19, 2012 - 7:30 AM
A reader emailed me a link to this T. Row Price Required Minimum Distribution (RMD) Calculator. She thought this was one of the better RMD calculators.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Wednesday, December 19, 2012 - 8:43 AM
I agree with the reader that the T.Rowe Price is one of the better RMD calculators.  I was checking out several and getting incorrect amounts until I realized others were still set for people doing their 2012 RMDs.  The T.Rowe Price was already set at 2012 end of the year balances for 2013 withdrawals.  I bookmarked it so I can use it when the end of the year balances are given.   These online calculators make RMD calculations very easy.

One other bit of information I received about this when calling the IRA Specialist at the IRS this week was that if we have more than one IRA, we don't have to withdraw the RMDs at the same time.  As long as they all are withdrawn by 12/31 of each year, that is the criteria.  This way I can wait until later in the year when the CD matures so I will have the amount needed for that particular RMD.  I just like to do it all at the same time but sometimes it is not possible.  Certain of my institutions do not charge a penalty for withdrawing money from an IRA as long as we are over 59 1/2 or need it for an RMD.  However, others state they do charge a penalty for withdrawing funds so we have to know what are the rules for our particular bank, cu, or brokerage.
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152