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. |