RMD missed deceased 2022

[polkadotsflyingcats]

Parent died Sept 2022 and did not take RMD for 2022. Beneficiary did not receive access to IRA and funds for Inherited IRA are still under review by brokerage. For 2022 taxes, whose tax filing is responsible for form 5329 and letter of explanation for missed RMD? The beneficiary or would this be filed with the deceased’s final 1040? Documentation is not clear. Thank you.

[MayaD · Accepted solution]

The RMD must be taken by the beneficiary. It is not paid to the IRA owner’s estate, unless the estate is named as the beneficiary. 

Financial organizations must report the RMD as a death distribution under each beneficiary’s name and Social Security.

The beneficiary is responsible to complete IRS Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.

[polkadotsflyingcats]

Thank you for your help and time. Very much appreciated.