Which Life Expectancy Table Do I Use?

Wednesday, June 05, 2019

By Sarah Brenner, JD
IRA Analyst
Follow Us on Twitter: @theslottreport

When it comes time to calculate your required minimum distribution (RMD) from your IRA, you may wonder which life expectancy table to use. Last updated by the IRS back in 2002, there are three possible tables for IRA owners and beneficiaries, and they can all be found in IRS Publication 590-B.

The three tables are the Uniform Lifetime Table, the Joint Life Expectancy Table, and the Single Life Expectancy Table.

Uniform Lifetime Table

If you are taking RMDs from your IRA during your lifetime, this is most likely going to be your table. This table is used by most IRA owners for figuring lifetime RMDs from their IRAs. The only IRA owners who will not use this table are those whose spouse is their sole beneficiary for the entire year and is more than 10 years younger. Beneficiaries never use this table.

Joint Life Expectancy Table

This table is used much more rarely than the Uniform Lifetime Table. This table is used only for lifetime distributions and only when your spouse is the sole beneficiary of your IRA for the entire year and is more than 10 years younger than you. Beneficiaries never use this table.

Marital status is determined as of January 1st of the year. If your spouse dies during the year and a new beneficiary is named, your deceased spouse will still be considered the sole beneficiary for the entire year, and you will use the Joint Life Expectancy Table for the year of your spouse’s death. However, it will not apply for the following year. Also, if the beneficiary is changed during the year from your spouse to anyone else, for reasons other than death, then the Joint Life Expectancy Table cannot be used.

Single Life Expectancy Table

Are you an IRA beneficiary? If so, then this is your table. This table is used by beneficiaries to compute RMDs on inherited retirement accounts. This table is never used by IRA owners to compute RMDs during their lifetime.

Be sure to use the proper table! Failure to take the correct required minimum distribution from an IRA can lead to significant penalties (i.e. 50% of the amount that was not withdrawn).

 

 

Post Views: 1,081
Posted in: , , , ,

Content Citation Guidelines

Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.

Please be advised that prior to distributing re-branded content, you must send a proof to [email protected] for approval.

For white papers/other outflow pieces:

Copyright © [year of publication], [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] Reprinted with permission [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] takes no responsibility for the current accuracy of this information.

For charts:

Copyright © [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.

For Slott Report articles:

Copyright © [year of article], Ed Slott and Company, LLC Reprinted from The Slott Report, [insert date of article], with permission. [Insert article URL] Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.

Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.