What is the mandatory distribution on my IRA if I am the beneficiary of the IRA?

Margaret was the original owner (born in 1928, passed in 2005). Bruce, her son, was her beneficiary (born in 1954, passed in 2014). I am Bruce's widow and current beneficiary of the IRA. I was born in 1955. What is my mandatory distribution on the IRA?

Asked by jeanellwoodruff

1 Answer

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Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi jeanellwoodruff,

Was your spouse taking RMDs before he passed? Here is a link to the IRS worksheet for calculating your RMD:
https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf

As I understand your question, you are the surviving spouse of the original IRA holder's beneficiary (son or non-spouse) and the original owner passed after age 701/2. Is this correct?

Here is a link for IRA beneficiaries:
https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries

Distribute using Table I
Use younger of 1) beneficiary’s age or 2) owner’s age at birthday in year of death
Determine beneficiary’s age at year-end following year of owner’s death
Use oldest age of multiple beneficiaries
Reduce beginning life expectancy by 1 for each subsequent year
Can take owner’s RMD for year of death


Lastly, here is a link to IRS Pub 590b:
https://www.irs.gov/publications/p590b/ch01.html#en_US_2015_publink1000230720

Please contact us directly with any other questions/concerns. No obligation

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| 11.22.16 @ 00:56
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