RMD – Spousal Beneficiary over 70 1/2
IRA owner died in May at age 68. Sole bene who is wife, age 76, rolled IRA to her own name in June. Is she required to take an RMD by 12/31/08 based on “His” value 12/31/07?
Although he was not required to take distributions, they lived off of these assets and therefore, received distributions until his death. Wife continued those distributions after the account was transferred to her own IRA. The combined distributions would satisfy her RMD. Her’s alone does not.
Permalink Submitted by Marvin Rotenberg on Wed, 2008-12-17 21:38
He was not in pay status (not age 701/2) so the distributions they were taking were mearly discretionary. She established here own spousal IRA in June. Here RMD on here account would start the year following his death (2009) based on here life expectancy and the balance on 12/31/2008. The distribution that she continued to take in 2007 will not count toward her 2008 RMD.
Marvin