My MIL had an IRA that was distributed equally to her kids, including my spouse, after death 20 years ago. IRA distributions were straight-forward and continued by my spouse until death in 2019 before IRA RMD changes went into effect.
I am beneficiary of my late spouse's beneficiary IRA and continued annual mandatory distributions as required by IRS, hoping to leave it for our kids - understanding that they will eventually be stuck with the 10 year rule, except for our special needs adult child for whom RMD's can be stretched longer.
Recently, the IRA RMD calculators I found online do not take into account sequential beneficiaries after original owner, then original beneficiary die.
In my case, I am now coming up with different figures for RMD according to calculators online. I used to have to input MIL's DOB and DOD, then spouse's DOB and DOD - but this year I haven't found a calculator with that option. The one I found has a higher multiplier than was previously available and yes, I am aware that the RMD is based on a higher multiplier annually based on my age.
To rephrase:
MIL died 2004, spouse named as one of beneficiaries of original IRA that was split up among MIL's children.
Spouse died 2019, I was named spousal beneficiary for RMD's, which I took annually without incident.
This year for some reason the calculators are not coming up with the same answers I did previously as I am the second sequential beneficiary of original MIL IRA.
So:
Am I spousal beneficiary of original IRA owner? That doesn't sound correct as my spouse was already a beneficiary of parental IRA. Unless, after 20 years the IRS considers me as spousal beneficiary of my late spouse who had withdrawn from the IRA for 15 years???
Am I a non-spouse, family member or friend who's named as a beneficiary of the original IRA owner? My late spouse was beneficiary and now I am the beneficiary after spouse's death.
Am I a see-through trust beneficiary of the original IRA owner and qualify as a see-through trust. While spouse and I did establish a family trust, this was not included in it.
Am I a Trust, Estate, or Entity Beneficiary of the original IRA owner?
Maybe someone out there has the answer, but I seem to have lost my way with RMD calculation this year.
I would appreciate if someone could post a link to a calculator which uses sequential beneficiary information.
Thank you in advance.
I am beneficiary of my late spouse's beneficiary IRA and continued annual mandatory distributions as required by IRS, hoping to leave it for our kids - understanding that they will eventually be stuck with the 10 year rule, except for our special needs adult child for whom RMD's can be stretched longer.
Recently, the IRA RMD calculators I found online do not take into account sequential beneficiaries after original owner, then original beneficiary die.
In my case, I am now coming up with different figures for RMD according to calculators online. I used to have to input MIL's DOB and DOD, then spouse's DOB and DOD - but this year I haven't found a calculator with that option. The one I found has a higher multiplier than was previously available and yes, I am aware that the RMD is based on a higher multiplier annually based on my age.
To rephrase:
MIL died 2004, spouse named as one of beneficiaries of original IRA that was split up among MIL's children.
Spouse died 2019, I was named spousal beneficiary for RMD's, which I took annually without incident.
This year for some reason the calculators are not coming up with the same answers I did previously as I am the second sequential beneficiary of original MIL IRA.
So:
Am I spousal beneficiary of original IRA owner? That doesn't sound correct as my spouse was already a beneficiary of parental IRA. Unless, after 20 years the IRS considers me as spousal beneficiary of my late spouse who had withdrawn from the IRA for 15 years???
Am I a non-spouse, family member or friend who's named as a beneficiary of the original IRA owner? My late spouse was beneficiary and now I am the beneficiary after spouse's death.
Am I a see-through trust beneficiary of the original IRA owner and qualify as a see-through trust. While spouse and I did establish a family trust, this was not included in it.
Am I a Trust, Estate, or Entity Beneficiary of the original IRA owner?
Maybe someone out there has the answer, but I seem to have lost my way with RMD calculation this year.
I would appreciate if someone could post a link to a calculator which uses sequential beneficiary information.
Thank you in advance.
Statistics: Posted by Swampy — Thu Aug 22, 2024 6:41 am — Replies 2 — Views 194