My wife's mother passed away in 2018 (before the SECURE act was passed) at age 87 and left an IRA to her five daughters in equal shares. My wife has been taking RMD's on her inherited IRA based on (I believe) the life expectancy of the oldest daughter.
Sadly, my wife passed away a few months ago. As sole beneficiary on this account, the inherited IRA has been rolled over into a [Successor beneficiary] inherited IRA in my name. Since my wife passed away after the SECURE act was passed, it's my understanding that I must now withdraw the balance of the funds in this IRA using the Ten Year Rule rather than continuing the life-expectancy RMDs. Note that my wife was 64 at the time of her death, and I am 64.
Questions:
1) Is this correct that I need to use the ten-year rule?
2) If so, does the ten-year clock start in 2019 (year after the original IRA Owner -- my mother-in-law -- died) or 2023, the year after the original beneficiary (my wife) died?
3) With the ten-year rule in effect, are there still annual RMDs required? If so, whose life span is used to calculate these?
Thank you for your help!
