Calculating Inherited IRA RMD
Parent dies in September 2010 at age 73. RMD for 2010 was already satisfied.
IRA is split into three (one for each adult child).
For calendar year 2011, calculating the RMD based on the inherited IRA as of 12/31/2010, which age of the beneficiary do I use?
Her age as of 12/31/2010 (53) or her age by the end of this calendar year (54), as a starting age for the single life table?
Thanks in advance,
Permalink Submitted by tomd37 on Mon, 2011-04-11 17:35
Use the attained age as of 12/31/2011 for each beneficiary. The factor will be reduced by 1.0 in each succeeding year after 2011. The factor can be found in Table I (Single Life Expectancy) of IRS Pub 590. Inherited IRA must be kept separate from any other IRA the beneficiary might have, cannot be added to, and cannot be converted to a Roth IRA.
Tom D.
Permalink Submitted by Michael Clancy on Mon, 2011-04-11 17:40
Thanks Tom,
It was getting the starting age for the beneficiary that I was unsure on.