Distribution date for initial inherited IRA RMD
Beneficiary received inherited IRA in November, 2018. IRA owner died in 2017. Does beneficiary have until April 1, 2019 to take first Required Minimum Distribution or must it have been made in 2018 (in which case it is now late)?
Permalink Submitted by Alan - IRA critic on Thu, 2019-02-14 23:20
It should have been made by 12/31/2018 unless beneficiary is using the 5 year rule. Beneficiary is also responsible for completing the 2017 year of death RMD of the owner if owner did not complete it before passing and died after the RBD. That one was due 12/31/2017. If either RMD is late a 5329 must be filed to request a penalty waiver for reasonable cause for the year the RMD was due. The RMDs should be brought current before filing the 5329 forms. Late RMDs are taxable in the year received.