disclaim IRA

Submitted by mike silvers on Fri, 2024-05-17 20:38

I am the beneficiary for an IRA where the person died in 2023 who has been taking RMD.

How can I disclaim the IRA and have it go to the contingent ben?

I believe contingent ben have to take out the entire IRA over 10 years or  1/10 per year.

Somewhere I read that RMD’s were put on hold for 2024 for the 10 year rule.  Is that the case?

Thank you

Mike

 

 



Submitted by Alan - IRA critic on Fri, 2024-05-17 21:39

A qualified disclaimer must be filed within 9 months of the date of death. If you disclaim:

If the contingent is a designated beneficiary subject to the 10 year rule, the 2024 beneficiary RMD is waived.
If the contingent is an eligible designated beneficiary (EDB), the 2024 RMD is not waived and the 10 year rule does not apply.

Submitted by Bruce Steiner on Sun, 2024-05-19 22:17

The lawyer who handles your estate planning, or the lawyer who handled the IRA owner’s estate, or some other trusts and estates lawyer, can prepare the necessary paperwork.

The requirements for filing and serving the disclaimer vary from state to state.

Bruce Steiner

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