Beneficiary IRA
A non-spouse inherited an IRA in 2018 and is taking distributions under the 5 year rule. Are they able to change their mind and take the distributions over their life expectancy going forward?
A non-spouse inherited an IRA in 2018 and is taking distributions under the 5 year rule. Are they able to change their mind and take the distributions over their life expectancy going forward?
Permalink Submitted by Alan - IRA critic on Wed, 2020-07-29 16:12
They should be able to make up the 2019 life expectancy RMD and file a 5329 to request waiver of the 50% penalty. Then continue with LE RMDs starting in 2021. This is based on PLR 2008-11028.