After you turn age 70½, you need to start taking required minimum distributions from your IRAs and 401(k)s every year. But the calculations and rules can be complicated, and you'll be hit with a penalty if you make mistakes.

Here are 10 smart RMD moves to help you minimize taxes, meet deadlines and avoid penalties when you make these mandatory withdrawals from your retirement savings.

Calculate the Right Amount

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Your RMDs are based on the balance in your accounts as of December 31 of the previous year, divided by a life expectancy factor based on your age. Most people use the Uniform Lifetime table (Table III) in. You can also use our to determine the amount.