My spouse died in this year

Forum|Forum|3 years ago
November 16, 2022
2 replies
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So there are two parts to this question --

First my spouse and I are both retired. He was not at the age of RMD. I inherited at IRA - BDA, as that was how it was set up by Fidelity. How do I treat this? Are there limits on the length I can hold the account?

Second, how will this affect my tax filing this year?

rferreira 1

Level 4

First, my sympathy for your loss. Since your husband had not reached the age to take the Required Minimum Distribution, you can treat the IRA as your own. This means you can start taking the RMD in the year you reach the requirement age. Secondly, you will file your 2022 tax return as Married Filing Jointly (MFJ). You husband's date of passing will be printed on top of page 1 of Form 1040. You will sign as "Surviving Spouse".

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eastalkerAuthor

Level 2

Am I limited on the number of years I can keep this account? Someone at Fidelity said 10 years, but I've also heard differently. Also, when it comes time for an RMD, how do I figure the amount?

VincentL

Level 5

If you moved the money into an inherited IRA, you withdraw RMDs based on your age. RMD amounts are based on your age and are recalculated each year based on factors in the IRS Single Life Expectancy Table. Additionally, there is no 10% withdrawal penalty.

https://www.irs.gov/publications/p590b#en_US_2021_publink100095124

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