Rmd Inherited Roth IRA
Hi,
For this new year i want to take out my RMDs on a Roth IRA I inherited. I am a EDB, and I was born 10/67.
1) So it would be my 2024 Rmd based on my 12/31/23 Roth IRA ending balance correct?
2) What would my single life divisor be?
3) It would the 12/31/23 ending Roth IRA Balance / the divisor correct? To get the amount I have to take out correct?
If let’s say the 12/31/23 Roth IRA Balance was a $1000 how much would I have to pay?
Thanks so much!!!
Darrin
Permalink Submitted by Alan - IRA critic on Sat, 2024-02-24 02:27
Yes, on your inherited Roth IRA balance on 12/31/2023.
Would need to know the year that the owned passed, because the divisor is based on the original divisor reduced by 1.0 for each year since.
Yes
Permalink Submitted by D S on Sat, 2024-02-24 03:33
Original owner was born 7/62, passed away 12/21
Permalink Submitted by Alan - IRA critic on Sat, 2024-02-24 03:55
OK – your 2024 RMD divisor is 29.6. For a 1000 12/31/2023 balance your 2024 RMD would be 33.78.
Permalink Submitted by D S on Sat, 2024-02-24 04:26
Above you mentioned that the divisor is based on the original divisor reduced by 1 for each year since. Last year you told me (comment-72318) (2/27/23) “Use YOUR attained age in 2022 to get the divisor from the new single life table effective 2022. So I am confused….. is the divisor based on my attained age, or is the original owner at time of passing?
Permalink Submitted by Alan - IRA critic on Sat, 2024-02-24 19:37
It’s your (beneficiary) age in the year following the year of death. Above I asked about the year of death to determine which year your beneficiary RMDs begin, which is 2022. Looking at the single life table for your age in 2022 (age 55), the 2022 divisor is 31.6. That divisor is then reduced by 1.0 each year, so 30.6 for 2023 and 29.6 for 2024.
Permalink Submitted by D S on Mon, 2024-02-26 23:21
Thanks so much!!D