Bill Lentz <ble...[at]negatorygoodbuddy.prodigy.net> wrote:

- quote -

That is correct.

- quote -

If she elects to be treated as the owner of the IRA, she is
treated as the owner in all respects (including the right to
designate new beneficiaries) and she would use Table III
(Uniform Lifetime Life Expectancy). If she does not make
the election to be treated as owner, she remains the
beneficiary of your father's IRA and would use Table I
(Single Life Expectancy).

--Chris

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Bill Lentz wrote:

- quote -

The joint is used only when there's a 10 year or more age
difference. She should roll it over into her own name and
use the single life table. Of course, she should designate a
beneficiary on the account, or change it if it was your Dad.
If you have siblings, it's a bit easier to break the IRA
into multiple accounts, each with its own first beneficiary
now than after your mom passes.

Lastly - if she is in a low bracket, say 10 or 15%, she
should consider rolling enough into a Roth IRA up to the top
of that bracket. RMDs increase rapidly at her age and she
risks getting bumped to the next bracket as she gets older.
The Roth has no RMD, so she should continue to first live
off the IRA money.

Sorry for your loss,
JOE

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My Dad died last month and my Mother is the sole beneficiary
of his IRA. I'm having a little trouble understanding the
requirements for distributions as they apply now and in the
future to my Mother.

Dad was 82, and had already taken his RMD for 2007. It's my
understanding that Mom doesn't have to take anything else in
2007.

My confusion comes in trying to determine which table she
would use next year. She will be 82 on April 23rd.

If she elects to be treated as the owner of the IRA, can she
use Table II, joint and last survivor expectancy, or is she
required to use Table I, single life expectancy?

Thanks
Bill

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >