Client's mother's IRA had her trust as beneficiary.Money is now in a bank account in trusts name.Do we use the life table of the mother or the 2 sons that are the beneficiaries of the trust.Do the sons then pay taxes in their own bracket? First time I have seen this situation would appreciate any help.
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Ira In A Trust
Just moved it up again.Any help would be appreciated. -
Inherited IRA
Don't know if this will help, from TTB 13-24Originally posted by MLINDER42 View Post
Beneficiary not an individual.
If the beneficiary is not an individual
(such as his or her estate), or a designated beneficiary
is not named by September 30 of the year following the year of
the IRA participant’s death, RMD is determined under one of the
following.
• If the decedent was already receiving RMD at the time of death,
use the Single Lifetime Table with the age of the decedent as of
his or her birthday in the year of death, reduced by one for each
year since the year of death.
• If the decedent was not yet receiving RMD at the time of death,
the entire account must be distributed by the end of the fifth
year following the year of the decedent’s death. No distribution
is required for any year before that fi fth year.Comment
Comment