Death Distributions
An IRA owner died in 2007. The RMD was satisfied for the year. In 2008 her 75 year old husband sends in paperwork to treat the account as his own and an account is set up. When does he need to begin taking RMD for this account? If he needs to begin in 2008 what does he use for the fair market value?
Permalink Submitted by Alan Spross on Mon, 2008-12-22 20:24
12/31/07 FMV.
He is deemed the owner of this account for all of 2008, so he can aggregate the RMDs with any other TIRAs he owns. For purposes of determining the RMD requirement added by this particular account, however, the 12/31/07 FMV applies.