RMD Reporting Apply to Deceased Parent's Life Insurance Policy which was Inherited?

[gorilla1969]

Background:

My wife's mother died in 2019 and she received funds (<$8k) from a life insurance policy (Genworth Life Insurance Co of NY).  Her mother was well over 70 1/2 years old.  We received a 1099-R form from the Genworth Life Insurance company.  She has a brother and the policy proceeds were split evenly.

Question/Problem:

I've entered the 1099-R information from he company listed prior into TurboTax and it's asking if this withdrawal was an RMD.  The program states that no RMDs are 'not common'.  If I was to guess, I'd think that his would not be an RMD as it's an inheritance to my wife in the full amount.  The fact that TurboTax states that a no RMD situation is uncommon makes me second guess myself.

Can somebody please advise me if this distribution would be considered a RMD?

[DianeC958]

Yes this would be a Required Minimum Distribution.  Since your wife's mother was required to take minimum distributions your wife is also.