RMD on IRA from deceased spouse
my spouse was deceased in March, 2021 before he took his 2020 RMD. His IRA is now in my name. Am I required to take a RMD from his 2020 year end balance in addition to my own RMD? Do I use the combined 2020 year end balance from his account and mine to make my RMD this year? Thank you.
Terry Says
Three was NO RMD required for 2020. So take a deep breath. Next, consult the IRA custodian. The amount for your RMD for this year may depend on whether he had started taking RMDs. And it depends on how the account was titled after his death. Is it now titled as an “inherited IRA” in your name? The IRA custodian can calculate the RMD for the inherited account, which must be taken from that account.
Since it appears that you have your own IRA, as well, then that custodian can calculate the RMD from that account, based on the value at year end 2020.
Keep those RMDs separate — one from each account. Of course, you can have them deposited into the same bank account that you maintain — as that money is now yours to spend (and pay taxes on!).
And get going right away on this project!
