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Author: culcha Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5741  
Subject: Re: Inherited IRA Date: 7/13/2011 1:04 PM
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Yeah, she was 80 at the time. And I think I remember reading somewhere that it's based on my age when she was 70. So I guess every July, I'll be surprised when extra money shows up in my checking account.

My father left me a portion of his IRA a few years ago, when he was in his eighties. So I think we're in much the same situation.
The amount that is the RMD each year is based on your own life expectancy and the value of the IRA as of the end of the last trading day of the previous year. (It doesn't have anything to do with your age when your mother was 70.) I'm also not sure why you're mentioning July. You can withdraw your RMD at any time during the year -- it doesn't have to be any particular month. And it shouldn't come as a "surprise." I have Vanguard as the custodian of my inherited IRA and they can either send the money each year on a date that I specify, or merely inform me of the amount that I have to take -- and then it's up to me to make sure to withdraw (at least) that amount before the year is out.

culcha
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