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RMD for Year of Death

Last Updated December 17, 2015

Question: 

I Inherited an IRA from my father who died January 5, 2013. He was 75 years old at the time of his death and did not take his required minimum distribution (RMD) before his death.  I have received conflicting information about his RMD for 2013. One source informed me that this RMD should be paid from his IRA to his estate and reported under his social security number. Another informed me that I must withdraw the amount from my Inherited IRA to which I will transfer the amount. What is the correct response?

Answer: 

The second answer is correct. As his beneficiary, you are required to take his 2013 RMD from the IRA that you inherit from him. The amount must be reported under your tax identification number, as it should be included in your income. Generally, you are required to transfer the amount to your Inherited IRA to ensure proper tax reporting of the distribution. Bear in mind that even though he has died, the amount must be calculated as if he had lived to the end of the year.

Question answered by by Denise Appleby