Got a serious question: MIL is beneficiary to FIL IRA - 2CoolFishing
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Old 08-28-2018, 10:08 AM   #1
waypoint
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Question Got a serious question: MIL is beneficiary to FIL IRA

I know I should ask a CPA, but with the brain trust here on 2cool, someone must know this answer.

My FIL died in this year in June. He was already 70 1/2 (going to be 71 in July) when he passed. He took his RMD already for this year in April to meet the IRS requirement for 2018.

Now that he is gone, my MIL (who will be 71 in Nov 2018) is the sole beneficiary. We are working with the IRA to transfer the account to her name now. My question is does she now have to also withdraw another RMD this year or did his RMD suffice?

Thanks in advance.

Last edited by waypoint; 08-28-2018 at 10:28 AM.
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Old 09-22-2018, 02:06 PM   #2
Mouse52
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Not a CPA but the IRA will be listed in your FILs name with miL as owner. She should not have to take another distribution this year.
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Old 11-28-2018, 01:12 PM   #3
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Quote:
Originally Posted by Mouse52 View Post
Not a CPA but the IRA will be listed in your FILs name with miL as owner. She should not have to take another distribution this year.


Spouse can take ownership and that will remove FIL name on the IRA. If RMD has been satisfied, she does not need to take one. She can keep it in his name with her as decedent beneficiary, but at her age there is no advantage to it.
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