RMD for an iherited nephew
My 92 aunt passed and I inherited her IRA. I know I have to start taking my RMD but do I have to deplete the whole account within a 5 year period or do I just keep taking my RMD based on my age of 55 until I pass?
Thanks
My 92 aunt passed and I inherited her IRA. I know I have to start taking my RMD but do I have to deplete the whole account within a 5 year period or do I just keep taking my RMD based on my age of 55 until I pass?
Thanks
Permalink Submitted by Alan - IRA critic on Mon, 2016-12-26 16:02
You can use your own life expectancy based on your age at the end of the year following the year of her death. This assumes that your aunt owned the IRA and was not herself a beneficiary (eg from her husband) who did not roll it over to her own IRA. If your aunt was taking RMDs as a beneficiary, then you would have to continue her RMD schedule which would give you a very limited stretch period. Note that you are also required to complete her year of death RMD for the year she passed if she did not complete it.