Beneficial IRA RMD
88 year old passed away in February 2017 prior to taking her RMD for the year. The beneficiary took the RMD based on the deceased age in March. IRA account is now in the heirs name. Is another RMD required in 2017 based on the heir’s age?
Permalink Submitted by Alan - IRA critic on Wed, 2017-07-12 15:08
First, the year of death RMD is calculated using the age the decedent would have been on 12/31/2017, so if decedent would have been a year older at year end, the year of death RMD will be somewhat short. The year of death RMD is the only RMD required in 2017. The beneficiary’s first RMD is due by 12/31/2018 calculated on the 12/31/2017 balance and beneficiary age as of 12/31/2018. Exception applies if the beneficiary happens to be older than the decedent.
Permalink Submitted by Mike Cacicedo on Wed, 2017-07-12 16:28
thank you