@Marilyn227 wrote:
Thank you for your response!
Could you explain why I am not a qualified beneficiary? I thought I was.
I used the wrong term. I should have said you are not an eligible designated beneficiary.
Eligible designated beneficiaries.
An IRA beneficiary is an eligible designated beneficiary if the beneficiary is the owner's surviving spouse, the owner's minor child, a disabled individual, a chronically ill individual, or any other individual who is not more than 10 years younger than the IRA owner.
If you were an eligible designated beneficiary, you would follow different rules on how and when the IRA must be distributed and how your RMDs are calculated.
Because you are not an eligible designated beneficiary, you follow the 10 year rule. As I mentioned above, the 10 year rule requires that you distribute all the money within 10 years AND that you take RMDs during the 10 year period.
