Beneficiary IRA where deceased would have turned 72 in Feb 2023
We have a client, John, who is 76. He is the owner of a beneficiary IRA from his wife who passed away in 2015. She would have turned 72 in Feb 2023. With the change in RMD rules changing to 73 for the year 2023 does he need to take an RMD this year since she passed in 2015 or can he wait until 2024?
Permalink Submitted by Alan - IRA critic on Thu, 2023-01-19 15:22
Since wife would have reached 72 in 2023 and her first RMD year would have been 2024, client does not have to take a beneficiary RMD until 2024. Therefore, client should elect to assume ownership anytime in 2024 and can then use the Uniform Table for that 2024 RMD.