There are special exceptions for spouses who inherit. The amount of the RMD will be based on the age of the oldest beneficiary when there are multiple beneficiaries unless the inherited IRA is split by the end of the year of death. Splitting the IRA into separate properly titled inherited ...
Other factors include your spouse’s age (if you are married) and whether or not your spouse is your beneficiary. Remember, you have to calculate the RMD for each qualifying retirement account. And you must calculate your RMD each year, for each account, because the amount changes as you ...
Different situations call for different tables. For example, if you have a non-Roth IRA and the account's sole beneficiary is your spouse, and your spouse is more than 10 years younger than you, you will need to use a different table than other account holders.4 For traditional IRA accoun...
This will be your RMD withdrawal amount for this tax year.Q: I am married. Will my spouse’s age impact my RMD amount? A: Your spouse’s age can impact your required minimum distribution amount; for example, if he or she is listed as your IRA account’s sole beneficiary or is more...
Step 1 Use the single life expectancy table to find the expected distribution period for your beneficiary IRA if the deceased was at least 70 1/2 years old. (If the deceased was not 70 1/2, you are not required to take RMDs.) On the table, locate your age under the "Age" heading...
If you’re thebeneficiary of someone’s IRA account,you have several options. You could: Open an inherited IRA and continue tax-deferred growth with the option to make withdrawals immediately without penalties. Take the inheritance in a lump-sum withdrawal for immediate access to t...
If the deceased took RMDs but had not completed them in the year they died, the beneficiary must do so or face a25%penalty. Once the deceased's RMD liability is resolved, a spouse has a few alternatives for acquiring management of the inherited IRA. ...
(RBD), you are required to take annual beneficiary RMDs over yourlife expectancy, starting the year after the owner’s death. In some cases, you might be subject to thefive-year ruleinstead. Under the five-year rule, you don't need to take distributions for the first four years, but ...
IRA subdivided into trusts for each beneficiary satisfied RMD rules.(required minimum distribution)O'Driscoll, David
If you designated a different individual as the beneficiary for each of your three IRAs, for instance, and you want to leave all of them the same amount, you may withdraw your RMD amount from the IRA with the highest balance. Alternatively, you may transfer amounts among the IRAs to equal...