Beneficiary IRA Calculations
Would you have a link to a beneficiary IRA calculator? I used to have one that I could use through a custodian and no longer have access to it.
Can you also confirm the RMD Schedule for the following:
Decedent DOB: 9/2/1940
Decedent DOD: 6/28/2023
acct value $75,000
2023 RMD has been satisfied
Beneficiary:
Son
DOB: 11/20/1961
I’ve come up with the beneficiary having to begin his RMD in 2024 with a life expectancy factor of 24.5 and reducing by 1 each year after.
Beneficiary would have to empty the inherited IRA by 12/31/2033.
The beneficiary calculator I found online shows that the beneficiary would have to empty the inherited IRA by 12/31/2032
Permalink Submitted by Alan - IRA critic on Wed, 2023-09-20 22:06
Your numbers are correct for the year 1-9 annual beneficiary RMDs including full distribution by the end of 2033. 2032 is not correct as the final year. On line calculators are not trustworthy and some have not even been updated to reflect the new 2022 RMD tables, much less the not yet final Secure Act Regs that include some complex exceptions to some rules.