Is an RMD due in the year of death for a spouse?
Is an RMD due in the year of death for a spouse? I have been seeing conflicting information on this topic. Does it matter when the spouse claims the account?
Is an RMD due in the year of death for a spouse? I have been seeing conflicting information on this topic. Does it matter when the spouse claims the account?
Permalink Submitted by Alan Spross on Thu, 2010-09-23 19:59
If an RMD was due for the decedent for the year of death, it must be taken by the beneficiary. Sometimes this doesn’t get completed by year end for various reasons such as death late in the year. In that case, the RMD should be taken as soon as discovered, and Form 5329 filed with the beneficiary tax return to request that the penalty be excused for reasonable cause. The IRS typically grants the waiver.
What you might have heard that is causing the confusion is that in the year following the death of a spouse, the surviving spouse can roll over the inherited IRA and in that case the survivor is treated as if they owned the IRA all year.