Which RMD Table to use?
I am having difficulty deciding which RMD table to use for the following situation:
As of 12/31/14 a client named his children, from his first marriage, beneficiaries of his IRA. Based on that information we would use the Uniform table to calculate his RMD.
However, in early March the client changed the beneficiary to his wife, who is more than 10 years younger than him.
In this case should I use the Uniform table based on the beneficiaries as of 12/31/2014? Or should I use the Joint Life table as the wife is now the beneficiary?
Permalink Submitted by Alan - IRA critic on Mon, 2015-03-30 22:07
The beneficiary used to determine the RMD of an owner is the beneficiary on Jan 1. Therefore, the Uniform Table applies for 2015 and the joint life table will not apply until 2016.