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Beneficiarys of IRA's
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Retirement Planning
Beneficiarys of IRA's
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In the October 2012 issue of the aarp bulletin Jane Bryant Quinn state's that if your child inherits your IRA, they can complete withdrawals on the same schedule that you began. In IRA publication # 5
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Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:f30f5dc6-f3c4-4828-8510-fbe290ff0053Discussion:4df9ba1d-c023-465c-8fd4-d6fd10e34c75
Forums » Work & Retirement » Retirement Planning » Beneficiarys of IRA's
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Beneficiarys of IRA's
posted at February 3, 2013 2:08 PM EST
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Posts: 1
First: February 3, 2013 Last: February 3, 2013 |
In the October 2012 issue of the aarp bulletin Jane Bryant Quinn state's that if your child inherits your IRA, they can complete withdrawals on the same schedule that you began. In IRA publication # 590 it looks like the beneficiary (ie: your child) must use the life expectancy tables to determine their own schedule for required minimum distributions etc. Who is correct ? |
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Re: Beneficiarys of IRA's
posted at March 6, 2013 4:19 PM EST
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Posts: 2
First: March 6, 2013 Last: March 6, 2013 |
Each year, beginning in the year after the death of the account owner, you’ll have to take a Required Minimum Distribution from the account. The idea is to distribute the balance of the account over your remaining life expectancy. The actual calculations are best explained with an example. Imagine that your grandfather passes away in 2012, leaving you his entire IRA. If he was required to take an RMD in 2012 but he had not yet taken one, you’ll be required to take his RMD for him — calculated in the same way it would be if he were still alive. |
Forums » Work & Retirement » Retirement Planning » Beneficiarys of IRA's
