Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 04-12-2015, 02:39 PM
Junior Member
 
Join Date: Apr 2015
Posts: 2
Contribute While Getting RMD from Inherited IRA?

My brother and I have inherited several (traditional) IRA's from my mom who passed away last summer at age 88. She in turn had inherited them from my dad who passed 20 years ago at 73 (spousal inheritance). She'd been getting RMDs from them.

I understand the RMDs will now come to us and indeed two institutions sent us what would have been Mom's 2014 RMD (split 50/50). The combined amounts corresponded to the balances at year end 2013 with 12.7 divisor. (The institutions do the calculating.)

(The accounts have been split 50/50 for the new inherited IRA accounts.)

For tax planning purposes, what should we be expecting for 2015? I am 56, so looking at the Single Life Table I see 28.7 next to 56. Should I expect 1/28.7 of the 12/31/2014 balances in each inherited IRA account?

More importantly, does collecting an RMD from inherited accounts have any bearing on my own ability to contribute to my own traditional IRA for TY2014 and going forward (subject to normal limits--there are not huge sums involved)? I was planning to contribute & deduct $6500 but thought I better check first.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Inherited House gr8smoke Capital Gains 1 04-19-2014 10:44 AM
Inherited IRA distribution jctrumble1 For 2013 1 02-19-2014 03:04 AM
Can I claim unpaid money that daughter did not contribute while living with us? Jane Doe Miscellaneous 1 10-13-2012 06:06 AM
Am I eligible to contribute (and how much) to a Roth IRA? jage21 IRA/Sep 1 02-21-2009 09:14 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.