Inherited, inherited IRA
Son is 50ish. Inherited IRA from dad and presumably taking RMD’s
Mom is 85 and already taking RMD’s from her IRA. (ex-wife of dad)
Unknown if the son has taken any RMD.
Son dies in 2021.
Mom inherits the inherited IRA from her son.
What are the distribution rules for the inherited inherited.
Thanks
Permalink Submitted by Alan - IRA critic on Tue, 2021-09-28 00:02
More info is needed to determine what rules apply to Mom’s RMDs. Need to know the year Dad died and if Dad owned the IRA or was a beneficiary himself. We need to determine what RMD rules applied to the son in order to know what rules will apply for Mom, the new successor beneficiary. Please advise.
Permalink Submitted by Geoffrey Kasher on Tue, 2021-09-28 01:26
momo and dad were divorced in 2007. assume dad died before 2020
Permalink Submitted by Alan - IRA critic on Tue, 2021-09-28 02:10
If Dad owned the IRA, and life expectancy RMDs applied to son, Mom would have to complete son’s 2021 RMD if son did not do so before passing. Mom would then become subject to the 10 year rule under which there are no annual RMDs but the inherited IRA would have to be drained by 12/31/2031.
Permalink Submitted by Geoffrey Kasher on Tue, 2021-09-28 11:39
As always, Thanks