Hi! Great question! If you and your wife disclaim the inheritance of the IRA, it is as if you were never named as beneficiaries. The inheritance and all responsibilities, tax & RMD, would fall to the remaining beneficiaries. That is, your children would bear all the taxes and required RMD's. The tax due for each inheritor would be determined by the amount of withdrawal taken in each year until the IRA is exhausted.
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