RMD Inherited

Submitted by David Berdow on Sat, 2024-03-02 12:11

Three siblings parent passed in 2023. Parent was taking RMD’s (90’s) however did not for 2023.

The inherited IRA is now split between the three siblings in their own beneficiary accounts.

I believe the RMD was to be taken by year end 2023 which the parent / family was to take. How should this be corrected?

Confirming RMD’s moving forward for the next 10 years is based upon the beneficiaries individual life expectancy table and then completely liquidated by the 10th year.



Submitted by Gene Lawson on Sat, 2024-03-02 13:19

I’m no expert so I defer to subsequent responders to this question, however, check out this link, appears to have useful info for your situation:**Outdated link removed****and yes, moving forward, starting in 2024, the beneficiaries follow the 10 Year Rule. 

Submitted by Alan - IRA critic on Sat, 2024-03-02 14:50

The above link is outdated. The proposed Secure Act Regs extend the time limit to complete the year of death RMD to the filing due date for the beneficiary plus extensions. The decedent’s year of death RMD can be completed in any combination by these 3 siblings and if the new deadline is met Form 5329 need not be filed. Starting in 2024 each beneficiary must take a life expectancy RMD based on their age in 2024 and all inherited IRAs must be drained by the end of 2033.

Submitted by David Berdow on Sat, 2024-03-02 15:02

Thank you. 

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