2012 RMD for deceased mother and 2013 RMD for son
Sir/Madam,
We have a client who has recently inherited 50% of an IRA from his mother who passed away in June 2012. His mother was born in September of 1935 and her year-end 2011 balance was $283,596.15.
If she would have turned 87 years old on Dec 31, 2012 then her RMD for 2012 is $21,163.89, correct?
I’m confused because she received RMDs totaling $5,573.80 between January-May of 2012. My client was mailed a check in June for $3,901.69 as a 50% beneficiary. My concern is that they didn’t distribute the full amount before splitting her account into inherited IRAs.
What am I missing here?
Thank you.
Permalink Submitted by Alan Spross on Tue, 2012-08-14 16:10
If her year of birth was 1925, then your 2012 RMD figure is correct.
However, if she was born in 1935 as you indicated and her age would be 77 this year, then the RMD is 13,377. That matches the amounts distributed to date, so the RMD has been satisfied unless the institution is using the incorrect age.
Therefore, the year of her birth is where the difference lies.