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I just want to make sure I am reading publication 590 correctly. I have inherited an IRA from my mother who died this year before reaching 70.5. It seems that there is no RMD for this year, is this correct?

In determining the RMD for 2003, I take that balance of the account on 12-31-02 and divide it by the age factor. It says “use your age as of your birthday in the year distributions must begin.” I turn 40 in May 2003, so I use that age (not 39) on the chart, correct? That gives me a life expectancy of 42.5. If the balance on 12-31-02 is $172,500, I divide that by 42.5 to get $4058.82. As long as I take at least $4058.82 out of the account anywhere between 1-1-03 and 12-31-03, I have met the requirements for my 2003 RMD. Is this all correct? Thanks in advance.

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