Required Minimum Distributions For Iras And Which Year Is The Uniform Lifetime Factor Figured On?

paoli2
  |     |   2,641 posts since 2011

My local bank has made a mess of this small IRA I have with them, I don't think their IRA Dept. even knows how to explain what they are doing. Soooo can one of our able posters who does their RMDs answer a simple question for me? What year do we figure our age factor on? Is it the year where we get the balance from (the previous year) or is it our age on the year we actually withdraw the RMD? I always thought I knew until I got with "this" bank. I have to return to have another RMD done this year because my "banker" just printed me out the sheets from 2018 and told me the RMD was the same and he put it in our checking. I did the crazy dance over the phone so the IRA dept says I have to return later this month to take another RMD for the missing amount! Thank goodness the gov doesn't care if we take more or my dance would really be even crazier! I can't believe these people get paid to do work they don't even seem to understand. Thanks for any info you can give me on the birthday answer.



Answers
paoli2
  |     |   2,641 posts since 2011
It would be so helpful if Ken could provide a way for us to delete questions and comments which we get the answer for some other way than DA. It would save space for other comments, imo. Since I can't delete my question, I would like to share, I got the answer from other sources which was what I always thought. It is the age the IRA owner is in the year the actual distribution is made to them. That makes more sense to me. Thanks anyway but please ignore this question.


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