Inherited IRA.
I deposited an inherited IRA in my name a few months ago(this year). What balance do I use for the RMD calculation? The day I deposited?
I deposited an inherited IRA in my name a few months ago(this year). What balance do I use for the RMD calculation? The day I deposited?
Permalink Submitted by Alan Spross on Tue, 2010-12-14 23:05
You mean you inherited an IRA and just had it re titled as a beneficiary IRA? Not sure what you meant by “deposit”. What was your relation to the decedent and what year did the decedent pass?
Permalink Submitted by Kevin Zoltek on Wed, 2010-12-15 02:38
good question, I did everything correctly in titling the account. And, I just figured out that I am not required if I am the surviving spouse. But, if I was not, what balance would I use?
Permalink Submitted by Alan Spross on Wed, 2010-12-15 03:21
If you are a non spouse beneficiary, then your first RMD must be taken by 12/31 of the year following the year of death of the IRA owner.
Note: No RMDs are required for the year 2009.
For this year, you would use the balance of the IRA account on 12/31/09. To get your divisor use your age in the year following the year the owner died. Each year after that reduce the original divisor by an additional 1.0.