Hello,
A Non Spouse Beneficiary inherited an IRA in which the owner died after the required beginning date for RMD's.
The beneficiary then goes past the IRS deadline of December 31st of the year after the date of death for RMD's without taking any RMD's or choosing a settlement option. They were out of the country and notified the insurance company and therefore did not choose a settlement option.
If they miss this RMD deadline do they have to now lump sum out the money ?
I would think they would just be subject to the 50% penalty for missing the RMD and would be able to keep the m
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A Non Spouse Beneficiary inherited an IRA in which the owner died after the required beginning date for RMD's.
The beneficiary then goes past the IRS deadline of December 31st of the year after the date of death for RMD's without taking any RMD's or choosing a settlement option. They were out of the country and notified the insurance company and therefore did not choose a settlement option.
If they miss this RMD deadline do they have to now lump sum out the money ?
I would think they would just be subject to the 50% penalty for missing the RMD and would be able to keep the m
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