One of our trained and licensed professionals will be able to walk you through examples and answer any questions you have about your TSP and retirement plan. If you would like to learn more about how to calculate your RMDs, please contact us at Federal Benefits Service. Please remember that the Single Life table is never used by traditional IRA owners or retirement plan participants, including TSP participants, to calculate their RMDs. The single life expectancy table is to calculate RMDs from inherited IRAs for beneficiaries who inherited IRAs before the passage of the SECURE Act (January 1 st, 2020). Single Life Expectancy Table (for Inherited IRAs)Īpril 1 st is the RBD of the year following the year the IRA owner becomes age 72 (if born after June 30,1949 or age 70.5 if born before July 1, 1949). The single life expectancy table is also used if an IRA owner dies after the required beginning date (RBD) without naming a living beneficiary. Under the SECURE Act, this table is only used to calculate post-death RMDs for “eligible designated beneficiaries.” This includes a surviving spouse, minor child of the IRA owner, chronically ill or disabled individual, and those individuals who are not more than 10 years younger than the IRA account owner. Single Life Expectancy Table (some revisions in the table below). This table is used when a spouse is the sole IRA or qualified retirement plan beneficiary and that spouse is more than 10 years younger than the IRS owner or retirement plan participant, including the TSP.
0 Comments
Leave a Reply. |