Inherited IRA with no named beneficiary

Massachusetts.

 

I am the sole heir to my father's estate. He has a Simple IRA account with T Rowe Price that I need to fill out a distribution form and W4-R for. Unfortunately, my father never named a beneficiary on the account, meaning his estate inherits it by default. He was 77, so taking RMDs, but he had not taken his RMD for 2024 when he passed.

 

1. I will have to distribute that before the end of this year or pay the penalty, correct?

 

2. If I understand everything I've read on this, I can distribute the account over his remains life expectancy, so 12.3 years. Is this correct?

 

3. How much should I withhold on the W4-R? Should it be taxed at my income rate (12%), since I am the sole beneficiary of the estate? Or at the much higher estate tax rate? 

 

I am currently waiting for the IRS to send me the EIN for his estate. 

 

I appreciate any help with this, I don't want to do this wrong! Thank you.