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 [email protected] 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.