inherited ira from son
mother inherited an IRA from deceased son.Mother is 90 yrs old.Would IRA be taxable,if son is already 70 1/2 and taking RMDs before he passed away. Would answer be different if he is under 70 1/2 and RMDs have not yet been taken.
Thanks
Pat
Permalink Submitted by Alan - IRA critic on Tue, 2015-05-19 19:53
The IRA would be taxable unless it is a Roth IRA. The question is how the RMDs will be determined.If son passes after his RBD, then due to the older age of his mother, her RMDs would be based on the son’s remaining life expectancy. If son had passed prior to his RBD, then she would have had to drain the IRA within 5 years, a considerably shorter period.