Inherited IRA RMD Calculator
Overview
The following guide goes over the steps to use the Inherited IRA RMD Calculator for a GSAS account. This allows a user to calculate an estimated RMD for Beneficiary IRA and Inhertied IRA accounts.
Definitions
- RMD stands for Required Minimum Distribution
- RBD stands for Required Beginning Date
Beneficiary Types
| Beneficiary Type | beneficiaryType |
|---|---|
| Spouse | 0 |
| Non-spouse individual | 1 |
| Non-spouse individual (Ill/Disabled) | 2 |
| Non-spouse individual (No more than 10 years younger) | 3 |
| Other Non-spouse individual | 4 |
| Estate | 5 |
| Charitable Organization | 6 |
| Qualifying Trust | 7 |
| Non-Qualifying Trust | 8 |
| Minor Child of Account Owner | 9 |
Steps
Step 1 - Display the following disclosure to the advisor
Goldman Sachs Custody Solutions is not responsible for the accuracy or completeness of the information you provide, including what you determine to be your estimated Required Minimum Distribution (RMD) for the current year. Please check your records carefully before entering information into the calculator and keep in mind that these calculations are estimates only
Step 2 - Gather the following data points
- accountBalance: Previous year-end account market value
- beneficiaryDOB: Date of birth of the beneficiary, dd/mm/yyyy
- beneficiaryType: The relationship of the beneficiary, use the Beneficiary Type table
- deceasedDOB: Date of birth of the decedent, dd/mm/yyyy
- deceasedDOD: Date of birth of the decedent, dd/mm/yyyy
Step 3 - Calculate the RMD results
Call the following endpoint to calculate the RMD. See example below for more details.
Endpoint: POST api/v2/rmd/calculate
Step 4 - Download the RMD Letter (optional)
Call the following endpoint to download the RMD letter. In addition to the data points gathered in step 2, you will need the GSAS account number and the decedent name for this call. See example below for more details.
Endpoint: POST /api/v2/rmd/accounts/{accountNumber}/calculate/save
Calculate RMD Example
Endpoint: POST api/v2/rmd/calculate
Payload:
accountBalance: "214320.79"
beneficiaryDOB: "01/01/2001"
beneficiaryType: "1"
deceasedDOB: "01/01/1910"
deceasedDOD: "01/01/1999"Response:
{
"rbdYear": 2025,
"yearOfCompulsoryDistribution": 2025,
"rmdAmount": 3595.99,
"rmdDescription": "<p>Your 2025 RMD amount is $3,596. You are required to withdraw your RMD amount no later than December 31, 2025. Failure to take at least the minimum distribution amount as required may result in IRS penalties.</p><p>Please note: the RMD amount is determined based on the information provided. If more than one retirement account was inherited, calculate the RMD amount for each account separately.</p><p>Please return to this calculator annually to determine the withdrawal amount for each year.</p>",
"lifeExpectancyFactor": 59.6,
"lifeExpectancyFactorDescription": "The single life expectancy factor for this year's distribution is 59.6",
"deathBeforeRBD": false
}Download RMD Letter Example
Endpoint: POST /api/v2/rmd/accounts/{accountNumber}/calculate/save
Example Request: POST /api/v2/rmd/accounts/RM9999123A/calculate/save
Payload:
accountBalance: "214320.79"
accountNumber: "RM9999123A"
beneficiaryDOB: "01/01/2001"
beneficiaryType: "1"
deceasedDOB: "01/01/1910"
deceasedDOD: "01/01/1999"
deceasedName: "John Smith"Response:
{
"rmdResponse": {
"rbdYear": 2025,
"yearOfCompulsoryDistribution": 2025,
"rmdAmount": 3595.99,
"rmdDescription": "<p>Your 2025 RMD amount is $3,596. You are required to withdraw your RMD amount no later than December 31, 2025. Failure to take at least the minimum distribution amount as required may result in IRS penalties.</p><p>Please note: the RMD amount is determined based on the information provided. If more than one retirement account was inherited, calculate the RMD amount for each account separately.</p><p>Please return to this calculator annually to determine the withdrawal amount for each year.</p>",
"lifeExpectancyFactor": 59.6,
"lifeExpectancyFactorDescription": "The single life expectancy factor for this year's distribution is 59.6",
"deathBeforeRBD": false
},
"pdfStream": 0KMDAwMftjfdht
}Was this page useful?
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