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Life Expectancy Revisited for 2002-62

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ByBurk

L1: Life Expectancy Revisited for 2002-62Okay, I think I figured out my previous post regarding life expectancy. This website is using the Single Life table which is mentioned in 2002-62 as opposed the the Annuity 2003 table which is also mentioned in the ruling. However, my only confusion comes from the folks who have stated that ONLY the Annuity 2003 table will be used after Jan 1, 2003 for new calculations. I believe this is wrong because 2002-62 clearly states the following:
“The life expectancy tables that can be used to determine distribution periods are: (1) the uniform lifetime table in Appendix A, or (2) the single life expectancy table in 1.401(a)(9)-9, Q&A-1 of the Income Tax Regulations or (3) the joint and last survivor table in 1.401(a)(9)-9, Q&A-3.”
Therefore, unless I am missing something, you can use any of the three tables. It appears that#2 (the single life expectancy table)provides the highest payout. I am not sure if any of the three tables can be used for both new calculations AND “one time changes”to the required minimum distribution method?2002-11-22 14:38, By: Burk, IP: [127.0.0.1]

L2: Life Expectancy Revisited for 2002-62
Sorry, you are still missing the whole concept.
My site (and my desktop applications) use the Annuity 2003 mortality table from Appendix B of 2002-62 to calculate the life expectancy factors (single, joint and uniform) authorized in the ruling.
For example, Appendix A is the Uniform Lifetime Table – the numbers in the tableare life expectancy factors (not mortality factors)calculated by using the lx or the qx factors of the Annuity 2003 Mortality Table and assuming the beneficiary is 10 years younger then the owner.
The IRS probably published the table with this ruling since the previously published table (used in the Final Minimum Distribution Regulations) started at age 70.
You have to stop thinking that the Uniform Lifetime Table is a mortality table or that the Uniform Lifetime Table is the Annuity 2003 Table – just ain”t so :~}2002-11-22 15:03, By: Gfw, IP: [127.0.0.1]

L2: Life Expectancy Revisited for 2002-62After reading the post by Burk and the corresponding reply, I think I can clarrify something. To use “in essence” the numbers from the Uniform Table you must manually enter a beneficiaries age that is exactly 10 years younger than the owner. The website will then give you the life expectancy you have been confused about.2002-11-27 12:17, By: Tami, IP: [127.0.0.1]

L2: Life Expectancy Revisited for 2002-62Thanks for your reply. Sometimes I can get a little too wordy and your explanation is exactly right! I really think that the IRS confused more people that they helped when they published the Uniform Table as part of the ruling insead of merely adding it as an additional supplement to Pub. 590.:~}
2002-11-27 12:42, By: Gfw, IP: [127.0.0.1]

L2: Life Expectancy Revisited for 2002-62Thanks. It all makes since now. However, I think it would have made more sense if the IRS would have just put the single life expectancy table in the ruling rather than the mortality factors (just my opinion).2002-11-30 11:46, By: Burk, IP: [127.0.0.1]

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