What is my current year required minimum distribution?
This calculator provides an illustrative projection of your current year required minimum distribution (RMD), if any. The IRS requires you to make an annual minimum withdrawal from certain qualified plans after reaching a specific age based on your date of birth. The RMD is calculated annually based on the balance of the account at the end of the previous year, your age, who is the designated beneficiary of the account, and your spouse's age if they are the designated beneficiary. If you do not complete the annual RMD, you may be subject to a 25% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn. Timely filing of Form 5329 may reduce the penalty to 10%. Understanding your annual RMD is an important component of effective retirement planning.
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. Marquis, Inc., First Horizon Bank, and its affiliated companies do not assume any fiduciary duties and do not provide any investment advice in providing calculations. Calculations provided may differ from calculations made by other commercial or financial institutions or entities. In addition, such service should not be relied upon as the only source of information. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results. Use of service is provided without warranty of any kind, either express, implied or statutory, including FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, AND ACCURACY. Use of service is entirely at the user's own risk, and user should seek professional financial and legal advice without reliance on service and calculations. Marquis, Inc., First Horizon Bank, and its affiliated companies shall not be liable for any differences in calculations with other financial institutions or entities, lost profits, lost business, losses of any kind, direct or indirect damages, punitive or consequential damages or damages of any kind arising out of the use of this service. User agrees to indemnify and hold Marquis, Inc., First Horizon Bank, and its affiliated companies harmless from any and all liabilities and costs (including attorney fees) for any improper use or violation of these terms.
