A family member (97) recently passed away with a traditional IRA. I have >been doing his returns. He did not take his 2022 RMD as of date of
death. What do I have to do to avoid penalty?
A family member (97) recently passed away with a traditional IRA. I have been doing his returns. He did not take his 2022 RMD as of date of
death. What do I have to do to avoid penalty? His residence (Hawaii) is slow in providing death certificates, which I assume is needed before his
IRA can be turned over to the beneficiaries. The IRA owner was widowed
and the benficiaries are his adult children. His RMD for 2022 is pretty
big (around $30k).
A family member (97) recently passed away with a traditional IRA.The beneficiaries are required to take the decedents RMD no later
I have been doing his returns. He did not take his 2022 RMD as of
date of death. What do I have to do to avoid penalty? His
residence (Hawaii) is slow in providing death certificates, which I
assume is needed before his IRA can be turned over to the
beneficiaries. The IRA owner was widowed and the benficiaries are
his adult children. His RMD for 2022 is pretty big (around $30k).
than 12/31/2022. The funeral director is required by law to send
the electronic death certificate to the Hawaii Dept. of Health. Most
states require this to be done within 3 to 7 days. It is highly
likely that a death certificate will be available before year-end.
The IRA trustee does require proof of death before the distribution
to the beneficiaries can be made. If it looks like the Health Dept.
certificate will not be received in time to get the distribution, I
advise you to have the funeral director print a copy of their
electronic submission and sign it. You could then use that to have
the trustee make the distributions to the beneficiaries before
year-end.
Thanks to you and John Levine
I did find while searching a statement that IRS will waive penalty for
late RMD in year of death if RMD is taken by filing date with extensions
so it sounds like I don't absolutely have to get it resolved by 12-31.
On 11/6/22 1:09 PM, scott s. wrote:
A family member (97) recently passed away with a traditional IRA.The beneficiaries are required to take the decedents RMD no later
I have been doing his returns. He did not take his 2022 RMD as of
date of death. What do I have to do to avoid penalty? His
residence (Hawaii) is slow in providing death certificates, which I
assume is needed before his IRA can be turned over to the
beneficiaries. The IRA owner was widowed and the benficiaries are
his adult children. His RMD for 2022 is pretty big (around $30k).
than 12/31/2022. The funeral director is required by law to send
the electronic death certificate to the Hawaii Dept. of Health. Most
states require this to be done within 3 to 7 days. It is highly
likely that a death certificate will be available before year-end.
The IRA trustee does require proof of death before the distribution
to the beneficiaries can be made. If it looks like the Health Dept. certificate will not be received in time to get the distribution, I
advise you to have the funeral director print a copy of their
electronic submission and sign it. You could then use that to have
the trustee make the distributions to the beneficiaries before
year-end.
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