beneficiary. but you must act within nine months of the original ira owner's death. rmd rules vary based on the type of account you've inherited, when the account was inherited and your beneficiary designation.
A separate table is used if the sole beneficiary is the account owner's spouse who is 10 or more years younger than the owner. For illustrative purposes only.For example, if you turn 74 years old on your birthday this year and your traditional IRA balance was $500,000 at the end of ...
This new 10-year rule called into question whether a beneficiary would also have to continue taking RMDs from an account prior to depleting the account entirely. Due to the confusion, the IRS waived the requirement between 2020 and 2024. However, the IRS made a definitive ruling last su...
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 ...
Is an inherited IRA/beneficiary IRA subject to RMDs? Who falls under the old rules for inherited IRA distributions? Who are eligible designated beneficiaries? Who's subject to the 10-year rule for inherited IRAs and how does it work? Which calculator do I use if I inherited an IRA ...
The exception is if your spouse is the sole beneficiary of your account, and they are more than 10 years younger than you. To illustrate this, we'll say that you qualify to use the Uniform Lifetime Table. Your ending balance on Dec. 31, 2024, is $1 million, and you turn 77 years...
Rules for Spouses If the deceased took RMDs but had not completed them in the year they died, the beneficiary must do so or face a 25% penalty. Once the deceased's RMD liability is resolved, a spouse has a few alternatives for acquiring management of the inherited IRA. Continue to Be...
Is sole beneficiary a spouse? Check this box if the sole beneficiary is a spouse. The IRS uniform life expectancy table is used to calculate the life expectancy for account owner RMDs. The only exception to this rule is if the sole beneficiary is a spouse and is more than 10 years younge...
If you’re married, the sole beneficiary of your account is your spouse, and they are more than 10 years younger than you, you use the IRS’s Joint and Last Survivor Table. All other original IRA owners use the IRS’s Uniform Lifetime Table (see below)....
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 than 10 years younger than you. ...