Husband Beneficiary Question
Hello, I have a husband who is 76 in 2023 and he inherited his wife’s (71) IRA in 2023 and is treating the assets as her own. The wife passed in 2022 the IRA funds were not moved to the husband’s account until 2023. Would the husband need to include the 12/31/2022 balance of the wife’s account when calculating his 2023 RMD amount or would her balance not be included until the RMD is calculated for 2024 for the husband.
Thank you.
Permalink Submitted by Alan - IRA critic on Thu, 2023-01-19 19:20
Husband assumed ownership in 2023 and is treated as if he owned the IRA the entire year. The 12/31/2022 balance of the then inherited IRA would be used to calculate the Uniform Table 2023 RMD for the husband. There was no 2022 RMD on this amount because wife passed prior to her RBD. If the inherited IRA had not been rolled over (election to be treated as owner) there would not have been a beneficiary RMD due until the year wife would have reached age 73, therefore the election to assume ownership accelerated husband’s RMDs by a couple years.