Minimum Required Distribution
Sister-in-law has an Inherited Cash Account IRA from deceased husband (DOD 7/18/2014) “FBO Martha” “B/O Michael”. Martha (spouse) will be age 69 December 30, 2022. Question: Is Martha required to take mandatory distribution prior to December 31, 2022? Martha has not been required by investment firm to take minimum required distribution previously.
Permalink Submitted by Alan - IRA critic on Thu, 2022-10-13 02:54
Holding the inherited IRA as a sole spousal beneficiary, no RMDs would be required until the year husband would have reached age 72 if he was born after 6/30/1949. If born prior to that date, she would need to start beneficiary RMDs in the year he would have reached 70.5. If a beneficiary RMD would be required for 2022 under these rules, she can avoid it by electing to assume ownership of the inherited IRA. Then her owned IRA RMDs would not start until she reaches 72.