Is this a typo on the IRS Website???
The below chart from IRS Publication 590 lists the distribution options for inherited IRAs.
https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries
For “Spouse Only” and “IRA Owner Dies Before Required Beginning Date,” the IRS website says RMDs would start when the decedent would’ve turned 70 1/2. Shouldn’t that say “Distributions do not have to begin until owner would have turned 72?”
Vanguard, Schwab, etc., all reference age 72 yet the IRS website says 70 ½. Is this a typo, or is the rule different for someone who died before the law changed in 2020?
Clearly I need to attend another Ed Slott conference. Thanks in advance for your commentary.
Permalink Submitted by Alan - IRA critic on Thu, 2022-12-15 22:32
The sole spousal beneficiary RMDs must start in the year the deceased spouse would have reached 70.5 for deceased spouses born prior to 7/1/1949, or age 72 if deceased spouse was born after 6/30/1949. The DOD is not a factor. This proposed rule was included in the IRS Secure Act proposed Regs, which are not yet reflected on the IRS site because they are not yet final. At least, this proposal simplifies down to one factor (DOB), instead of where the IRS might otherwise have gone.