Successor Beneficiary
My father was Beneficiary of an IRA and created an Inherited 5-year IRA. My father passed away before he took any distributions. There are 2 years left before the 12/31 5 year date is reached. I believe the successor beneficiary (me) must keep the 5-year clock going and have 2 years left to distribute the IRA. Is this correct?
Permalink Submitted by Alan - IRA critic on Wed, 2018-07-18 15:16
Yes, that is correct. Therefore, you have no obligation to take a beneficiary RMD the first year but you might want to in order to even out your taxable income for each of those years.