IRA Owner Dies in 2024, 4 months before RBD. RMD due?
Husband passed away in July 2024 at age 72. He would have turned 73 had he lived to 23 November 2024.
Wife, age 70 was the sole beneficiary.
Is a 2024 RMD due?
Husband passed away in July 2024 at age 72. He would have turned 73 had he lived to 23 November 2024.
Wife, age 70 was the sole beneficiary.
Is a 2024 RMD due?
Permalink Submitted by Alan - IRA critic on Mon, 2024-09-30 14:28
There is no 2024 RMD due. Death prior to RBD eliminates the owner’s RMD for the year of death that would have been due had the owner reached the RBD.
At age 70, wife should elect to assume ownership of the inherited IRA, as there is no benefit to retain the inherited status.