Father In Law passed away Oct 2020 at 102 . 5th 3rd Bank was Trustee of his assets for many years prior to and after his death. 5th 3rd did NOT take his required RMD for 2020. My wife (now age 72 in 2022) received 1/3 of his IRA from the Bank in Apr 2021, which was an even split between 3 sisters . Bank had created a Fiscal year on his last Federal tax filing from Oct 1 2020 to Sept 30 2021.
Questions:
1 What RMDs are we required to take and when? Without penalty?
2 What is the basis/amount for these RMD withdrawals? (Is it 1/3 of fathers required RMD for 2021 (nothing for 2020 due to fiscal year creation?) at his factor (5.5), then wife's single factor 17 for 2022?
3 Does Turbo Tax create a penalty waver request automatically for this?
