AnmarieA
Level 2
This widget could not be displayed.
There are 2 designated beneficiaries of the Trust but unclear if the RMD period is 5  or 10 years? The beneficiaries are the nieces of the deceased and only in their 40's? After reading the IRS Pub documentation I am still confused.
Labels (1)
0 Cheers
Accountant-Man
Level 11
This widget could not be displayed.

IRAs left to an Estate or a Trust? You mention both. 

** I'm still a champion... of the world! Even without The Lounge.
George4Tacks
Level 15
This widget could not be displayed.

This chart may help https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries

From your statement - Died  before required beginning date & beneficiary of the IRA was a trust - With that "Take entire balance by end of 5th year following year of death"

Now the question is who owes the tax on the IRA? The trust was the beneficiary of the IRA, but the nieces are the beneficiaries of the trust. 

I like asking questions. 


ex-AllStar