RMD calculation at age 73.5 on my own IRA (when already taking RMD on Inherited IRA)
I inherited an IRA in the year 2000 & immediately started taking the RMD according to my life expectancy factor (original owner had started taking RMD prior to the time of their death).
When I turn 73.5, will I apply separate RMD calculations to the Inherited RMD & my own IRA? (That is, continue to follow the life expectancy factor that is in place for the Inherited IRA and also apply the life expectancy factor that exists at that time for my own IRA.)
Thank you!
Terry Says
Yes, those are two different situations. You’ll keep taking the scheduled RMD on your inherited IRA, but check with your custodian because since you inherited after 2019, you are likely required to completely empty this inherited IRA within 10 years.
The RMD on your own IRAs will be calculated based on the value of those IRA accounts at year end, the year BEFORE you turn age 73 (NOT 73-1/2). If you have more than one of those traditional IRAs or IRA rollover accounts, you must add up the total balance at the previous year end, and base that RMD on the total. There are calculators for that all over the internet. Here’s one you can use easily:
