IRA holder is of rmd age and deceased in 2011
what options does beneficiary have to satisfy the deceased RMD that was not taken out in 2011 yet?
does bene IRA have till 2012 to take the 2011 RMD since IRA acct holder was deceased in 2011?
or
this is true only if deceased was not of the RMD age yet when deceased.
Permalink Submitted by mk foss on Wed, 2011-10-12 18:41
If deceased reached age 70.5 before 2011 (but not in 2011) – a 2011 RMD is required. If it was not taken during lifetime, the beneficiary must take the amount that the decedent was supposed to take this year by 12/31/11. The beneficiary’s first RMD, based on his/her age is taken in 2012.
If the deceent reached 70.5 in 2011, there may be no RMD.
Permalink Submitted by Shahpar Naghshineh on Wed, 2011-10-12 19:53
when is it that beneficiary has a year from date of death to satisfy the RMD ?
Permalink Submitted by Alan Spross on Wed, 2011-10-12 20:21
There is no RMD related requirement that is measured from the exact date of death. RMD deadlines for beneficiaries are on 12/31 of the applicable year. The applicable year is the year of death if it is the decedent’s RMD and it is the following year if it is the beneficiary’s RMD. A sole spousal beneficiary can wait until 12/31 of the year the decedent would have reached 70.5.
April 1st of the year following attaining 70.5 is the deadline for an owner’s first RMD, but this date does not apply to beneficiaries.