Calculating a Required Minimum Distribution from a Traditional IRA

Kevin is age 73 in 2023. On December 31, 2022, he owned a Traditional IRA that had a value of $750,000. What is the Required Minimum Distribution amount Kevin must take for calendar year 2023?

Assume that it is now one year later and Kevin is one year older. Further, assume that the value of his Traditional IRA on December 31, 2023 is now $800,000. What is the Required Minimum Distribution amount Kevin must take for calendar year 2024?

For both calculations, please show how you calculated these Required Minimum Distribution amounts? Below is a link to the IRS Unified Lifetime Table, which you will need to calculate Required Minimum Distribution amounts.

To calculate RMDs, use the following formula for each account: Example Uniform Lifetime Table