IRS advises nonspouse beneficiary on RMD rules

October 29, 2016

IRS advises nonspouse beneficiary on RMD rules. An individual asked whether failure to begin required minimum distributions (RMDs) within one year of the retirement plan owner’s death made the “life expectancy rule” inapplicable and required that distributions be made under the “5 year rule.” In an Information Letter, the IRS responded that the life expectancy rule applies unless the plan requires the 5-year rule, permits its election and it’s elected, or requires it if no election is made. Whether distributions begin timely doesn’t affect which rule applies. 

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