Death before 70 & 1/2
Met with a client whos Father passed away in October 2007 with several IRAs. Father would have been 70.5 in November 2007. All IRAs had spouse as beneficiary. What is the RMD requirement for 2007? 2008?
IRA’s are now beneficiary IRA’s (according to the son). They were not transferred to her IRA.
Thanks
Permalink Submitted by Alan Spross on Fri, 2008-02-22 22:27
None for 2007 because he passed prior to his required beginning date.
If surviving spouse wishes to maintain her benefit in inherited form, her first RMD would be due prior to the end of 2008 using Table I in Pub 590, and for each year thereafter she would also use this table. A sole surviving spouse beneficiary can recalculate, meaning that the table divisor is used each year instead of reducing the original divisor by 1.0 each year. If the surviving spouse does not take the required RMD, she is deemed to have assumed ownership that year and Table III then applies.