RMD, EDB’s and waivers
Wow they do not make it easy.
She (his mom) was 75 and taking her RMD’s. She passed in December of 2023. Her son inherited her IRA and we opened an inherited IRA for him and he is 55 yrs old.
- he is not an EDB according to the Five categories of EDBs, correct?
2. his inherited IRA is considered under the 10yr rule, correct?
3. He is required to take an RMD this year (one year after passing) based on his age every year for 1oyrs, correct?
4. He must liquidate the inherited IRA on or before the 10th anniversary of him moms passing, correct?
5. 2024 RMD is waived for him this year, correct?
Thank you very much for all your help and patience.
Douglas
Permalink Submitted by Alan - IRA critic on Fri, 2024-06-21 16:37
Correct, not an EDB unless disabled or chronically ill
Correct.
No, the 2024 beneficiary RMD was waived by Notice 2024-35, but beneficiary RMDs will apply in 2025 and beyond.
Before the end of the 10th year, which is 12/31/2033.
Conflicts with Q 3 – yes, the 2024 beneficiary RMD is waived (first year of the 10 year rule).
If Mom did not complete her 2023 RMD, the son was responsible for completing it by 4/15/2024.