Information displayed on an IRS life-expectancy chart includes the age of the individual and the life expectancy for that person. This is a simple actuarial table that does not take into account other factors that might influence results, according to Free-Online-Calculator-Use.com.Continue Reading
The ages on the life-expectancy chart range from zero to 111 and older, as seen on the IRS website. The chart displays life expectancy to the nearest tenth of a year. An individual's life expectancy at birth is 82.4 years, and the life expectancy at age 111 or older is one year, as of 2015.
Taxpayers use the IRS life-expectancy chart to determine Required Minimum Distributions for qualifying retirement plans if they did not withdraw all assets before age 70 and a half, states the IRS. The IRS requires these distributions when a beneficiary assumes or inherits an IRA from the deceased owner. If the person owns more than one retirement account, the taxpayer must figure the required distribution separately for each one.
The IRS life-expectancy chart is a set of averages that does not factor in health, genetic background, gender, ethnicity, occupation or any condition that might impact the life expectancy of an individual. Except for tax purposes, calculations of life expectancy based on this chart have no predictive value, says Free-Online-Calculator-Use.com.Learn more about Taxes