Inherited IRA
A Spouse has an inherited IRA from his father. He inherited it 8 years ago. He now dies and the beneficiary of this inherited IRA is his spouse. Both he and his spouse have not reached their required beginning date(both were born in 1952). Does the surviving spouse have the “ten year rule” with no required annual distributions for the remaining balance in the inherited IR??
Permalink Submitted by Alan - IRA critic on Thu, 2023-06-01 16:50
The surviving spouse will be subject to the 10 year rule, but will also have to continue the RMD schedule of the deceased spouse IF father passed after his RBD. If father passed prior to his RBD in 2015, the surviving spouse will not be subject to RMDs in years 1-9 but will have to drain the inherited IRA in year 10. The surviving spouse is also responsible to complete spouse’s year of death RMD for 2023 if spouse did not complete it prior to passing.