The IRS requires those age 70.5 and older to take out a "required minimum distribution" or "RMD" from their retirement accounts every year. The minimum changes each year depending on your age. Failure to take out your RMD may result in a 50% tax penalty (on the difference between the RMD and the amount the you actually withdrew).

Rather than pour through the IRS tables and jargon to calculate your RMD for this year, simply use the RMD calculator I created below. This calculator has been thoroughly tested, though I advise you to use an accountant for your taxes (note: Joint filers with larger than 10 year gaps between their ages and beneficiaries may end up taking out more than needed with this calculator and should refer to the tables in Publication 590).

2003 RMD Calculator

Feel free to share this RMD calculator with a friend.

Related links:

Mutual Fund Taxes
Retirement Plan Information
Investment Calculators