Fact check – RMDs and spousal assumption
IRA Owner dies in 2023 at age 74. He did not take his 2023 RMD before he passed.
Surviving spouse (age 70) intends to assume ownership.
Am I correct in saying that even if she assumes ownership today, the IRA isn’t really treated as “hers” until 1/1/2024, meaning that she still has to take Husband’s 2023 RMD by 12/31/23?
Please and thank you.
Permalink Submitted by Alan - IRA critic on Wed, 2023-04-12 16:29
It’s hers in all respects other than the year of death RMD obligation to complete husband’s 2023 RMD. Her own RMDs do not start until 73. If she were to pass, the beneficiaries she names will be designated beneficiaries, not successor beneficiaries. Also, she can complete the year of death RMD either from the inherited IRA before assuming ownership or from her own IRA after assuming ownership.
Permalink Submitted by Robert Vashko on Thu, 2023-04-13 21:56
Thank you!