Can the RMD be aggregated from a rollover and decedents IRA?
Client has 2 IRA’s and is over 701/2. Both IRA’s and require the RMD be taken before year end. The first IRA is a rollover and approx. 70,000 and the client is going to donate this IRA before year end to a qualified charity.
The second IRA is a decendents IRA that the client inherited from her son. This requires a RMD by year end.
Is it necessary to take the RMD from the second IRA seeing she is donating the first IRA to charity?
Or do we have to take an RMD from IRA #2 as it is treated as a sepaerte IRA and you may not be able to aggregate the RMD’s as you are using 2 different RMD tables (the joint life on IRA#1 and single life on IRA#2)?
Permalink Submitted by Alan Spross on Mon, 2007-12-03 22:36
You cannot aggregate the inherited IRA with owned IRA accounts. However, why not do a QCD from the inherited IRA in the amount of the RMD and another QCD from the owned IRA, either in the original amount or a reduced amount to make up for the other QCD. Each RMD would be satisfied. Only limit is 100,000 in total QCDs per taxpayer.
Permalink Submitted by DAVID MCMENAMIN on Tue, 2007-12-04 17:32
Thanks for the reply. I thought that was the answer. I also like you strategy of taking the RMD from both and transferring to the charity.
David