61 year old inherited spouse’s IRA spouse was 80 RMD not taken
61 year old inherited her spouse’s IRA. Spouse was 80 and had not taken his RMD. Funds were transferred to an IRA she opened to hold the inherited fund as she did not have an IRA prior. 2023 RMD for spouse was taken from her new IRA. Can she now stop distributions until she turns 73?
Permalink Submitted by Alan - IRA critic on Fri, 2023-11-10 17:21
If the spouse has not yet done it, she should elect to assume ownership of the inherited IRA and her RMDs start at age 75. There are no further RMD requirements until that year. Since 2023 is the last year she can file jointly with a lower marginal rate, she might consider converting an amount to a Roth IRA before year end.
Permalink Submitted by B Smith on Fri, 2023-11-10 17:46
I didn’t make it clear but yes, she has taken ownership of the inherited IRA. Thank you!