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December 17, 2015

RMD for Year of Death


RMD for Year of Death

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?

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.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.


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