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Bene IRA RMD Calculator
The fair market value of the inherited IRA on December 31st of the previous year.
Your age as of December 31st of the year for which you are calculating the RMD.
The calendar year in which the original IRA owner passed away.
The specific year for which you want to calculate the Required Minimum Distribution.
Spouse Beneficiary
Eligible Designated Beneficiary (EDB)
Non-Eligible Designated Beneficiary (NEDB) – Deceased died BEFORE their RMD start date (RBD)
Non-Eligited Designated Beneficiary (NEDB) – Deceased died ON or AFTER their RMD start date (RBD)
var lifeExpectancyTable = {
1: 81.6, 2: 80.6, 3: 79.6, 4: 78.6, 5: 77.6, 6: 76.6, 7: 75.6, 8: 74.6, 9: 73.6, 10: 72.6,
11: 71.6, 12: 70.6, 13: 69.6, 14: 68.6, 15: 67.6, 16: 66.6, 17: 65.6, 18: 64.6, 19: 63.6, 20: 62.6,
21: 61.6, 22: 60.6, 23: 59.6, 24: 58.6, 25: 57.6, 26: 56.7, 27: 55.7, 28: 54.7, 29: 53.7, 30: 52.8,
31: 51.8, 32: 50.8, 33: 49.9, 34: 48.9, 35: 47.9, 36: 47.0, 37: 46.0, 38: 45.0, 39: 44.1, 40: 43.1,
41: 42.1, 42: 41.2, 43: 40.2, 44: 39.3, 45: 38.3, 46: 37.4, 47: 36.4, 48: 35.5, 49: 34.5, 50: 33.6,
51: 32.6, 52: 31.7, 53: 30.8, 54: 29.8, 55: 28.9, 56: 28.0, 57: 27.1, 58: 26.2, 59: 25.3, 60: 24.4,
61: 23.5, 62: 22.7, 63: 21.8, 64: 20.9, 65: 20.1, 66: 19.2, 67: 18.4, 68: 17.6, 69: 16.8, 70: 16.0,
71: 15.2, 72: 14.4, 73: 13.7, 74: 12.9, 75: 12.2, 76: 11.5, 77: 10.8, 78: 10.1, 79: 9.5, 80: 8.9,
81: 8.3, 82: 7.7, 83: 7.1, 84: 6.6, 85: 6.1, 86: 5.6, 87: 5.1, 88: 4.7, 89: 4.3, 90: 3.9,
91: 3.5, 92: 3.2, 93: 2.9, 94: 2.6, 95: 2.3, 96: 2.1, 97: 1.8, 98: 1.6, 99: 1.4, 100: 1.2,
101: 1.0, 102: 0.9, 103: 0.8, 104: 0.7, 105: 0.6, 106: 0.5, 107: 0.4, 108: 0.3, 109: 0.2, 110: 0.1,
111: 0.1, 112: 0.1, 113: 0.1, 114: 0.1, 115: 0.1, 116: 0.1, 117: 0.1, 118: 0.1, 119: 0.1, 120: 0.1
};
function getLifeExpectancyFactor(age) {
if (age 120) return lifeExpectancyTable[120]; // Maximum age for table
return lifeExpectancyTable[age];
}
function calculateBeneIRARMD() {
var previousBalance = parseFloat(document.getElementById('previousBalance').value);
var beneficiaryAge = parseInt(document.getElementById('beneficiaryAge').value);
var deceasedDeathYear = parseInt(document.getElementById('deceasedDeathYear').value);
var rmdCalculationYear = parseInt(document.getElementById('rmdCalculationYear').value);
var beneficiaryType = document.getElementById('beneficiaryType').value;
var resultDiv = document.getElementById('result');
var errorDiv = document.getElementById('error');
resultDiv.style.display = 'none';
errorDiv.style.display = 'none';
resultDiv.innerHTML = ";
errorDiv.innerHTML = ";
if (isNaN(previousBalance) || previousBalance < 0) {
errorDiv.innerHTML = 'Please enter a valid Previous Year-End Account Balance.';
errorDiv.style.display = 'block';
return;
}
if (isNaN(beneficiaryAge) || beneficiaryAge 120) {
errorDiv.innerHTML = 'Please enter a valid Beneficiary\'s Current Age (1-120).';
errorDiv.style.display = 'block';
return;
}
if (isNaN(deceasedDeathYear) || deceasedDeathYear 2100) {
errorDiv.innerHTML = 'Please enter a valid Year of Deceased\'s Death.';
errorDiv.style.display = 'block';
return;
}
if (isNaN(rmdCalculationYear) || rmdCalculationYear 2100) {
errorDiv.innerHTML = 'Please enter a valid Year for RMD Calculation.';
errorDiv.style.display = 'block';
return;
}
if (rmdCalculationYear = 2020;
var yearsSinceDeath = rmdCalculationYear – deceasedDeathYear;
if (beneficiaryType === 'spouse') {
explanation = 'As a Spouse Beneficiary, you generally have several options:';
explanation += 'Select your beneficiary status. EDBs include spouses, minor children, disabled/chronically ill individuals, or individuals not more than 10 years younger than the deceased. NEDB covers most other individual beneficiaries.
- ';
explanation += '
- Roll over the inherited IRA into your own IRA: This is often the most advantageous option, allowing you to treat it as your own and delay RMDs until your own Required Beginning Date (RBD). '; explanation += '
- Treat the IRA as your own: Similar to a rollover, but without physically moving the funds. '; explanation += '
- Remain as a beneficiary: In this case, you can use your own life expectancy to calculate RMDs, or if the deceased was older, you might be able to use their life expectancy (if they died before their RBD). If the deceased died after 2019, you can also elect to use the 10-year rule. '; explanation += '
Understanding Bene IRA RMDs
An inherited IRA, often called a "Beneficiary IRA" or "Bene IRA," is a retirement account that has been passed down to a beneficiary after the original owner's death. While inheriting an IRA can be a significant financial benefit, it comes with specific rules regarding Required Minimum Distributions (RMDs) that beneficiaries must follow.
The Impact of the SECURE Act
The rules for inherited IRAs changed significantly with the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) in late 2019. The primary distinction for RMD calculations now depends on whether the original IRA owner died before or after January 1, 2020.
- Deceased Died Before 2020 (Pre-SECURE Act): For beneficiaries of IRAs where the owner died before 2020, the "stretch" IRA rules generally apply. This allowed most individual beneficiaries to stretch RMDs over their own life expectancy, providing significant tax deferral.
- Deceased Died After 2019 (Post-SECURE Act): The SECURE Act introduced the "10-year rule" for most non-spouse beneficiaries. This rule generally requires the entire inherited IRA balance to be distributed by the end of the 10th calendar year following the year of the original owner's death. However, there are important exceptions and nuances.
Beneficiary Types and RMD Rules
The type of beneficiary you are plays a crucial role in determining your RMD obligations:
-
Spouse Beneficiary:
Spouses have the most flexibility. They can:
- Roll over the inherited IRA into their own IRA: This is often the most common and advantageous option, allowing the spouse to treat the IRA as their own and delay RMDs until they reach their own Required Beginning Date (RBD).
- Treat the inherited IRA as their own: Similar to a rollover, but without physically moving the funds.
- Remain as a beneficiary: If they choose this, they can generally take RMDs based on their own life expectancy. If the deceased was older and died before their RBD, the spouse might be able to use the deceased's life expectancy.
-
Eligible Designated Beneficiary (EDB):
EDBs are exempt from the strict 10-year rule and can still "stretch" RMDs over their life expectancy, similar to pre-SECURE Act rules. EDBs include:
- The surviving spouse (who can also choose the spouse options above).
- A minor child of the original IRA owner (until they reach the age of majority, typically 21, after which the 10-year rule applies).
- A disabled individual.
- A chronically ill individual.
- An individual who is not more than 10 years younger than the original IRA owner.
For EDBs, RMDs are calculated by dividing the previous year-end account balance by a life expectancy factor from the IRS Single Life Expectancy Table.
-
Non-Eligible Designated Beneficiary (NEDB):
Most other individual beneficiaries fall into this category (e.g., adult children, siblings, friends). For NEDB, the 10-year rule generally applies, but with a critical distinction based on whether the deceased was taking RMDs at the time of their death:
- Deceased died BEFORE their Required Beginning Date (RBD): If the original IRA owner died before they were required to start taking RMDs (i.e., before their RBD), then the NEDB is generally NOT required to take annual RMDs during the 10-year period. The entire account balance must simply be distributed by December 31st of the 10th year following the year of death.
- Deceased died ON or AFTER their Required Beginning Date (RBD): If the original IRA owner died on or after their RBD, then the NEDB IS required to take annual RMDs for years 1 through 9 based on their own life expectancy. The remaining balance must then be distributed by December 31st of the 10th year following the year of death. This is a complex nuance introduced by proposed IRS regulations in 2022.
-
Non-Designated Beneficiary:
If the beneficiary is not an individual (e.g., an estate, a non-see-through trust, or a charity), different and often more restrictive rules apply, typically requiring distribution within five years or based on the deceased's remaining life expectancy if they died after their RBD.
How the Calculator Works
This calculator helps you estimate your RMD based on the most common scenarios. It requires:
- Previous Year-End Account Balance: The value of the inherited IRA on December 31st of the year prior to the RMD calculation year.
- Beneficiary's Current Age: Your age as of December 31st of the RMD calculation year.
- Year of Deceased's Death: To determine if pre- or post-SECURE Act rules apply.
- Year for RMD Calculation: The specific year for which you need the RMD.
- Beneficiary Type: To apply the correct distribution rules.
Disclaimer: This calculator provides estimates based on current IRS rules and proposed regulations. Tax laws are complex and can change. This is not financial or tax advice. Always consult with a qualified financial advisor or tax professional for personalized guidance regarding your specific situation.