AnmarieA
Level 5
06-25-2021
05:17 PM
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There are 2 designated beneficiaries of the Trust but unclear if the RMD period is 5 or 10 years? The beneficiaries are the nieces of the deceased and only in their 40's? After reading the IRS Pub documentation I am still confused.
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Accountant-Man
Level 13
06-25-2021
07:51 PM
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IRAs left to an Estate or a Trust? You mention both.
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George4Tacks
Level 15
06-26-2021
10:04 AM
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This chart may help https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries
From your statement - Died before required beginning date & beneficiary of the IRA was a trust - With that "Take entire balance by end of 5th year following year of death"
Now the question is who owes the tax on the IRA? The trust was the beneficiary of the IRA, but the nieces are the beneficiaries of the trust.
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