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From boB, I am the beneficiary of my sons IRA. Since I am…

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From boB, I am...

From boB, I am the beneficiary of my sons IRA. Since I am now drawing an RMD from my own IRA account do I need to draw a RMD from the inheritance. Part of the IRA has been placed under Vanguard but part could not so I sold that part. I think it is large enough to cover an RMD amount. It the IRA inheritance taxable under the total amount? Your thoughts please. Thank you.

Accountant's Assistant: Hi Ira. The Accountant will know how to help. Are you ready to speak with the Accountant now?

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Submitted: 2 years ago.Category: Tax
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Answered in 16 minutes by:
2/25/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,439
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Sorry to hear that you lost your son. When did your son die?

Have you determined how you plan on taking the distributions from your son's IRA?

You can use 1 of two methods.

1) Take the entire balance out within 5 years after the year when your son died; using this method their are no minimum distribution requirements as long as the entire balance is withdrawn by the end of the 5th year following the year that your son died.

OR

2) Use the Life Expectancy Method. Non-spouse beneficiaries use the Single Life Expectancy Table, found in IRS Publication 590. Each year, the prior year's ending balance is divided by the applicable factor.

Let me know if you have any questions.

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Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Do you have any additional follow-up questions?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

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