ProTracker Advantage User Manual

RMD Calculator Dialogs - Selector


ProTracker Advantage Required Minimum Distribution (RMD) Calculator

The RMD Calculator handles traditional IRAs, Roth IRAs, Qualified Retirement Plans (pension plans, including profit sharing plans, 401(k) plans, 457 plans, and 403(b) plans), and IRA Rollovers from a Qualified Plan or Trust.
Both the 2001 RMD Rules and the 2020 RMD Rules are modeled. Where needed in the Help articles, gold subheadings are used to differentiate scenarios.

Navigate to the RMD Calculator

Click on Accounts > RMD.
In the Assistant panel, click on
Add RMD Calculation.
Select an Account.
Click on the Select button.
In Step 1 (shown to the right), choose the applicable RMD scenario.

Select the Step 1 RMD Scenario Detailed Procedure

Participant (original account owner) is living and required to start or continue distributions.
Participant (original account owner) died.
Spouse of Participant is the living beneficiary.
Participant (original account owner) died. A non-spouse is the Designated Beneficiary.
Participant died and named more than one non-spouse beneficiary. Beneficiaries elect to maintain a single account for the beneficiaries.
Participant died. The beneficiary is the Participant’s estate, a charity, or a non-see-through trust.
Participant died. Primary Beneficiary who inherited from the Participant died. All follow-on beneficiaries are Successor Beneficiaries.
These context-sensitive articles may be accessed immediately from the six options shown above by clicking on the Help button in the lower-left corner of the RMD Calculator dialog screen.
See Other Helpful RMD Articles section at the bottom of this article.

ProTracker Advantage RMD Rules

The name at the top of the RMD Calculator screen must always be the name of the person who is receiving the distributions from the retirement account, which has to be the same as the Current Asset Holder in Step 5.
Similarly, the name at the top of the RMD Calculation Report (shown below) must always be the same person for whom the calculation is being performed, and who is receiving the distributions from the retirement account.
If an account has not yet been set up in Advantage, go to Add an Account Dialog.
Note: Annuity distribution payouts are not covered in the Advantage RMD Calculator as annuity contracts have varying distribution requirements depending upon the contract.
RMD Wizard
After setting up an RMD for an account, the Advantage RMD Wizard will calculate all future RMDs for all clients at one time without requiring further setup.
Further RMD calculations for this account will be calculated automatically by the RMD Wizard each year. 
To see the RMD Wizard, click on Operations > Accounts > RMD. In the Assistant panel, click on RMD Wizard.
RMD Calculation Assistance
ProTracker Software provides limited RMD calculation assistance. Print the RMD Scenario Fact Set form and email it as an attachment to:
Enacted on December 20, 2019, the Setting Up Every Community For Retirement Enhancement (SECURE) Act introduced substantial updates to the laws governing retirement accounts.
The SECURE Act went into effect on January 1, 2020. Therefore, the provisions of the SECURE Act apply to beneficiaries of Participants when the Participant died after December 31, 2019.
The Act established a 10-Year Rule as the maximum payout period for inherited retirement accounts that have been inherited from Participants and Primary Beneficiaries dying after December 31, 2019, with a few Exceptions.
The ProTracker Advantage RMD Calculator has been updated to reflect the provisions of the SECURE Act.
A message box was added to acknowledge the passage of the CARES Act on March 27, 2020, wherein RMDs were waived for 2020.

Other Helpful RMD Articles