Hello,
My wife inherited an IRA from her father. She then designated me as the beneficiary of IRA. Then she passed away, and I inherited the IRA. The statements for the inherited IRA list:
Her father (deceased)
My wife (deceased beneficiary)
Me (beneficiary)
I have multiple IRAs, but only this one inherited IRA.
I have reached the age (73) when I am required to take RMDs from my IRAs. I learned that a taxpayer with multiple IRAs is allowed to calculate the total RMD amounts and, if desired, take a large distribution from one IRA to fund the total RMD obligation for the year. In other words, the IRS does not care if you take a small distribution from each of your IRAs or one large distribution from a single IRA, as long as they receive the total RMD amount that you owe.
I had decided to take a large distribution from the inherited IRA to fund all of this year's RMDs. I have since learned that a distrbution from an inherited IRA may NOT be used to cover RMDs for other IRAs.
One tax professional told me this IS allowed, but all others have told me that it is NOT allowed. I am now convinced that I can not use a distribution from the inherited IRA to fund the RMDs for my other IRAs.
I have spent hours looking through the IRS website, but I have not found any clear statement explaining why this is not allowed.
Can anyone enlighten me where I might find a definitive IRS explanation for why an inherited IRA can not be used in this way?
Thanks,
Jeff
