RMD question
I had a client pass away in 2023. She took her RMD before her passing so I’m good with 2023. By the time her IRA was distributed to her beneficiaries, it was February 2024. Since the decedent passed away in 2023 and mandatory RMDs don’t begin for post-01/01/2020 Inherited IRAs until 2025, I believe the two beneficiaries are all set for 2024 and don’t need to take an RMD this year. Is this correct?
Permalink Submitted by Alan - IRA critic on Fri, 2024-11-22 14:32
That’s correct as long as the beneficiary is not an EDB. Beneficiary children are not EDB unless disabled or chronically ill, but siblings as beneficiaries are often EDB. EDB RMDs were not waived for 2024.