Joint QLAC – income must start at whose age?
Husband (age 63) buys a joint QLAC with his Wife (age 70).
Does the income have to start when he (the IRA owner) turns 85 in 22 years, or does income have to start when the older spouse turns 85 (in 15 years)?
I always assumed that the age-85 trigger was based on the owner of the IRA, but given the annuitized nature of the QLAC, I am wondering if the age-85 trigger is based off of whichever spouse is older.
Please and thank you.
Permalink Submitted by Alan - IRA critic on Sat, 2021-05-15 23:29
I have not been able to locate any on point specifics in the IRS QLAC Regs. It seems that the age the QLAC must therefore go into payout stage is based solely on the age of the account owner, without regard to the age of the joint annuitant spouse. However, it would be worthwhile to check with the QLAC life insurer how they perceive the Regs or what their policy indicates.