Spousal Roll over
Wife (W) was sole beneficiary of husbands (H) IRA accounts. H died in 2017, age 68.2mos. W age 68.5. in 2017. W decided to continue H’s accounts in his and took no distributions until 2019 was she became 70 1/2. W’s RMD W for 2019 was calculated using Single Life Table. Now W wants to transfer account into her own IRA and use the Uniform Life Table which would stretch out the payment stream. When does W make this transfer ? at the end of 2019, or the beginning of 2020?
What would the 1099 code be for 2019? for 2020 ? Any Thoughts Appreciated. Thank you
Michael A. Wargula, Esq.
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Permalink Submitted by Alan - IRA critic on Thu, 2019-11-07 04:59
Permalink Submitted by David Mertz on Thu, 2019-11-07 12:16
Also, beneficiary RMDs by W do not begin until the year *H* would have reached age 70½. Knowing only that H reached age 68.2 at some point in 2017 is insufficient to determine whether H would have reached age 70½ in 2019 or instead in 2020.
Permalink Submitted by Alan - IRA critic on Thu, 2019-11-07 14:24
Yes, I noticed that possibility. It would make posts easier to accurately address if the actual DOD was posted and DOBs of the owner and beneficiaries were provided.