If you have a traditional IRA or a 401(k), you will be required to take a required minimum distribution (RMD) once you reach age 72. This is the minimum amount you must withdraw from your account each year, and it is calculated based on your account balance and life expectancy.

Here’s how to calculate your RMD:

1. Determine your account balance: The first step is to determine your traditional IRA or 401(k) account balance as of December 31st of the previous year.

2. Find your life expectancy factor: The IRS provides a life expectancy factor table that you can use to determine your RMD. The factor you’ll use depends on your age, and you can find the table in IRS Publication 590-B.

3. Divide your account balance by your life expectancy factor: Once you have your account balance and life expectancy factor, you can calculate your RMD by dividing your account balance by your life expectancy factor. This will give you the minimum amount you must withdraw for the year.

It’s important to note that if you have multiple traditional IRA accounts, you will need to calculate the RMD for each account separately. However, you can take the total amount from any of your accounts.

Also, if you fail to take your RMD, you will be subject to a penalty of 50% of the amount you were supposed to withdraw. So it’s important to make sure you calculate your RMD correctly and take the required amount each year.

If you’re unsure how to calculate your RMD or have any questions about required minimum distributions, it’s always a good idea to consult a qualified tax professional. They can help you understand the rules and ensure that you’re meeting all the requirements.