Expectancy Payments Sample Clauses

Expectancy Payments. Under the Life Expectancy Payments option, your spouse beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death. However, if your surviving spouse is your sole designated beneficiary, they may generally elect to delay the first distribution until the year you would have been required to begin taking RMDs from a Traditional IRA. The life expectancy payment is the required minimum amount to be withdrawn each year; your spouse beneficiary may always withdraw an additional amount, including a lump-sum distribution of the remaining balance.
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Expectancy Payments. Under the Life Expectancy Payments option, your spouse beneficiary must withdraw a minimum amount each year beginning in the calendar year following your death (or, if later, the year you would have been required to begin taking RMDs from a Traditional IRA. To determine the minimum required distribution amount for a given year, the IRA balance (i.e., generally the fair market value of the Inherited IRA on December 31 of the preceding year) is divided by the applicable denominator. The applicable denominator used to calculate the life expectancy payment is derived from the Single Life Expectancy table. The life expectancy used is the single life expectancy that corresponds to the age your spouse attains on their birthday in that distribution year. The life expectancy payment is the required minimum amount to be withdraw each year; your spouse beneficiary may always withdraw an additional amount, including a lump-sum distribution of the remaining balance.
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Related to Expectancy Payments

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