rmd for deceased husband
client passed away 11-12-2007. He took his IRA rmd in 2007.
His wife transferred his IRA into her own name on May 28,2008.
Is the rmd based on her age now or since she didn;t transfer until may of 2008, it still remains under his rmd rate?
Thanks for the help,
Doug
Permalink Submitted by Alan Spross on Sat, 2008-10-18 01:02
Doug,
When the surviving spouse rolls over or assumes ownership of the deceased spouse’s IRA in any year following the year of death, the survivor is deemed to have owned the IRA for the entire year.
Therefore, in this case the wife would base the 2008 RMD on the age she will attain in 2008 if it will be 70.5 or higher. Husband’s age or RMD would not apply at all in 2008.
Since she is deemed to have owned the IRA for the entire year, the 12/31/07 balance would be used to calculate her RMD if she is subject to RMDs according to her age.