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Question for the Money Doctors

Question submitted on May 6, 2022.

Question

I inherited my wife's 401k on the date of her death (i.e. 3/19/2022). My wife was born on 5/22/1950. As her spouse, am I able to use her age to determine RMDs that I need to take from this inherited account. I am 74 and have my own 401K that I am currently taking RMDs based upon my age. Do I need to maintain her account separate from my own in order to take the RMDs on her account based upon her age? Is there a certain type of account I need to set up to do handle the inherited 401K? Thank you for your response.
James Grant

Answer

So sorry for your loss.

You will need to take the RMD for the year of your wife's death first. Then you can roll your wife's 401k into your 401k and continue to take RMDs based on your age. 


For additional information visit //www.360financialliteracy.org/

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