IRS Proposes New RMD Tables Effective January 1st, 2021. Calculate my RMD. Determine if you are on track to 'save the max' in your 401(k) by maximizing your contributions each pay period so you can reach the allowed IRS limits. Savings Calculator 401(k) 'Save the Max' Calculator. Calculate the required minimum distribution from an inherited IRA If you have inherited a retirement account, generally you must withdraw required minimum distributions (RMDs) from an account each year to avoid IRS penalties. On Thursday, November 7, the Service released 122 pages describing proposed regulations which will modify Required Minimum Distributions (RMDs). The best way to start planning for your future is by creating a my Social Security account online. To get an idea of how much you must withdraw, use our RMD Calculator. If you could inherit a 401(k), IRA or other retirement account from anyone other than your spouse, you are likely going to be affected by the SECURE Act. For all subsequent years, including the year in which you take the first RMD by April 1, you must withdraw the RMD by December 31 of the year. What Is a Required Minimum Distribution (RMD)? An RMD is the minimum amount of money you must withdraw from a tax-deferred retirement plan and pay ordinary income taxes on after you reach age 72 (or 70.5 if you were born before July 1, 1949). RMD Calculator. The new rules must be understood by those whose provide advice regarding RMDs – including post-mortem RMDs. With my Social Security, you can verify your earnings, get your Social Security Statement, and much more – all from the comfort of your home or office.. We have a variety of calculators to help you plan for the future or to assist you with your needs now. Determine your Required Minimum Distribution (RMD) from a traditional 401(k) or IRA. 401(k) and IRA Required Minimum Distribution Calculator. Once you reach this milestone, you generally must take an RMD each year by December 31. What you need to know. If your 2020 year-end IRA balance is still $200,000, your 2021 RMD will be $200,000 divided by 23.8, or $8,403.36. The CARES Act allows account owners to waive RMDs for 2020 and 2019 RMDs, if their required beginning date was April 1, 2020 as a result of reaching 70½ in 2019. If you are currently younger than 72, the calculator assumes that you withdraw your first RMD in the year you turn 72, although the first payment can be delayed until April 1 of the year following.