Multiple deaths – IRA RMD’s
T-IRA owner > 70.5 died in February 2015 – RMD was not taken prior to death
Surviving spouse was named 100% primary bene – transferred IRA to a new IRA custodian – making IRA his (this was his only IRA)
Husband did not take his wife’s 2015 RMD before he passed.
Husband named his son primary beneficiary
Who now is responsible for taking the 2015 RMD on behalf of the deceased account owner (i..e wife)?
The son will be establishing an inherited IRA and begin taking RMDs in 2016 based of his life expectancy
Thank you!
Permalink Submitted by Alan - IRA critic on Mon, 2015-12-28 19:43
Responsibility for completing wife’s year of death RMD has now passed from the surviving spouse to the son. He should have taken the RMD before year end, but under the circumstances he may have to take it in January and request a penalty waiver on Form 5329 for 2015, Under the circumstances of both parent’s passing in the same year, the IRS will likely waive the penalty. However, if he could get the inherited IRA retitled and take the RMD in the next 3 days, that would be preferable.