Date | Life expectancy minus whole years elapsed | Account balance at beginning of each year | Annual payment |
Jan. 1, 1986 | 22.0 | $10,000 | $455 |
Jan. 1, 1987 | 21.0 | 10,118 | 482 |
Jan. 1, 1988 | 20.0 | 10,214 | 511 |
Jan. 1, 1989 | 19.0 | 10,285 | 541 |
Jan. 1, 1990 | 18.0 | 10,329 | 574 |
Jan. 1, 1991 | 17.0 | 10,340 | 608 |
For 1986, 1987, 1989, and 1990, the amount required to be distributed under § 1.408-2(b)(6)(v) is zero. Thus, H would have no excise tax liability under section 4974 for these years. In 1991, the year H attains age 701/2, the amount required to be distributed from the account under § 1.408-2(b)(6)(v) is $565, determined by dividing $10,340 (the account balance as of January 1, 1991) by 18.8 years (the joint life and last survivor expectancy of H and W, assuming they are both still living, as of January 1, 1991). If W should die after December 31, 1990, the joint life and last survivor expectancy determined on January 1, 1991 (18.3 years) would not be redetermined. Because the amount distributed from the account in 1991 ($608) exceeds the amount required to be distributed from the account in 1991 ($565), H has no excise tax liability under section 4974 for 1991.
26 C.F.R. §54.4974-1