Minimum Distribution from IRA

[Richard7269]

What is the name of your state?What is the name of your state?What is the name of your state?MA

My Father died in November of 2001 at age 74 (on 11/1/01). He had an IRA in his name without any beneficiary named. My mother (age 79 now)was the beneficiary of his entire estate through his will, but because probate was not filed at first his IRA could not be transferred to my mother. Probate was later filed and a Tax ID assigned. During 2005, letters were sent to my fathers name (which were forwarded to my mother)stating a minimum required distribution was necessary, however the account was not yet transferred to his estate. As of today, it is.

Question (2 parts): Is there still a required minimum distribution? Will there bany penalty for not taking a distribution sooner?

Thank you.

[abezon]

There is still an RMD, based on your mother's age. As long as she fills out the RMD paperwork quickly, she can argue that the IRA had no beneficiary until it went through probate, & therefore no RMD requirements. This should be enough for the IRS to waive any penalties for failure to meet RMD requirements.