The New Retirement Savings Time Bomb by Ed Slott
Author:Ed Slott [Slott, Ed]
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2021-03-02T00:00:00+00:00
The IRA Ownerâs Post-RMD Death
What if the IRA owner dies on or after his or her RBD and there is no designated beneficiary? Then the 5-year rule does not apply. Instead, as I just stated above, the IRA will be paid out over the IRA ownerâs remaining single life expectancy based on the IRA ownerâs age in the year of deathâless one for each future yearâs distribution. And if the IRA owner had not yet taken a year-of-death distribution (or took just a portion of it), then the beneficiary must take it (or the rest of it) and pay the associated tax.
Interestingly enough, for some who die in their seventies, this can now produce a post-death payout period exceeding 10 years. That means your non-designated beneficiary might get a better deal than your noneligible designated beneficiary who can only stretch disbursements for 10 years, max. Under this payout period, the NDB must take an amount equal to the RMD each year, but the beneficiary can take more in any given year if he or she so desires.
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