I know this has been on the board before. Taxpayer died in 7/07. He would have been 70-1/2 in August 2008. Wife inherited the IRA's. She is 68. When does the required amount have to begin? Based on her age?
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The following is summary taken from a flowchart in TaxTools by CFS:
Spousal rules apply: with the exception of the RMD, if any, for the year of the decedent's death or an over age 70 1/2 surviving spouse's RMD, if any, if the spouse is the sole beneficiary of the IRA and has unlimited right to withdrawal, (1) the spouse may rollover the IRA (or his/her portion) into his/her own IRA, (2) elect to treat the IRA as his/her own and name a new beneficiary (Note: if a trust is named as beneficiary, even if the spouse is the sole beneficiary of the trust, this election does not apply), (3) or pay out the balance over the remaining life expectancy of the surviving spouse beginning no later than 12/31 after the year of death (recalculating in subsequent years).
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