- 1). Look in IRS Publication 590 to determine which life-expectancy table you must use to calculate your minimum withdrawal. Most people use the Uniform Lifetime table. You must use the Single Life Expectancy table if you received the IRA as part of an inheritance. You must use the Joint Life and Last Survivor Expectancy table if your spouse is your only heir and is more than 10 years younger than you.
- 2). Use the appropriate life-expectancy table to calculate your required minimum distribution based on your current age.
- 3). Consult your financial records to determine the value of your tax-deferred IRAs as of Dec. 31 of the previous year. For example, to determine your minimum required withdrawal for the 2010 tax year, you would use the value of your IRA as of Dec. 31, 2009.
- 4). Divide the value of your tax-deferred IRAs by your life expectancy to find your minimum withdrawal. For example, if your tax-deferred IRAs' value equals $120,000 and your life expectancy is 15 years, you would divide $120,000 by 15 to get $8,000.
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