March 3rd response by Andy regarding 2 brothers subject to RMDs

Submitted by Joel Gitnick on Fri, 2023-03-10 05:31

In Andy’s response to Mark, Andy stated; “RMDs are calculated using your own single life expectancy based on the age you will turn on your birthday in 2023. (Your brother will do the same for his inherited IRA and his own age.)
The IRS says that for non-spouse designated beneficiaries, use oldest age of multiple beneficiaries. which is correct?

T



Submitted by David Mertz on Fri, 2023-03-10 12:20

  • In the question, “I have a new inherited IRA” and the fact that the decedent died in 2022 imply that separate inherited accounts for the brothers are created before the end of 2023, allowing each brother to use their own age under the separate-accounts rule.  It’s also assumed that the brothers were designated beneficiaries and that the IRA did not pass through a trust or the decedent’s estate.
  • https://www.irs.gov/publications/p590b#en_US_2021_publink100090032


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