Distribution RMD
A new client’s spouse passed away in 2017. She received an RMD from one IRA and not the other, while transferring both IRA’s from her late husband into one IRA for consolidation purposes. Other then getting the RMD calculation from the one IRA which no RMD was received, what other matters need to be resolved? What if anything needs to be fixed?
Permalink Submitted by Alan - IRA critic on Fri, 2017-09-15 19:24
Assuming that she is rolling these IRAs into her own IRA, she could take his year of death RMD for the other IRA from her own IRA since all these RMDs will be reported under her SSN anyway. All she needs to know is what the dollar amount of the remaining RMD is. His year of death RMDs will be reported on their final joint return just like any other distributions. As for other considerations, she needs to know if his IRA contained any basis from non deductible contributions since she would inherit that and file her own 8606, and she of course needs to make sure her own beneficiaries are current ASAP. Finally, if any of these IRAs were inherited first by her husband and he did not own them before passing, please advise since that would create complications.
Permalink Submitted by David Berdow on Sat, 2017-09-16 10:51
Great appears that she needs to get the remaining RMD amount only. This was not inherited beforehand nor were there any non ded. contributions.