5. Mateo Ernesto is 71 years old. His IRA has a fair market value of $ 390838.04. His life expectancy factor is 26.5. What is Mateo's required minimum distribution?

Question

asked Oct 27, 2024 27.9k views

1 Answer

EddyG · Answer 1 · 2024-10-30T19:40:07+0000

Answer: Mateo's required minimum distribution is $14,736.60.

Step-by-step explanation: RMD = IRA balance / life expectancy factor

Plugging in the numbers given:

RMD = $390838.04 / 26.5

RMD = $14,736.60