Death, Taxes and Required Minimum Distributions (RMDs): Bob, age 68, has $800,000 in his traditional NYCE IRA. He knows, at age 72, he will be subject to taxable RMDs.
Barbie, age 69, is Bob's wife and the sole beneficiary of his traditional NYCE IRA. If Barbie survives Bob, she will continue taking RMDs. Her income tax will be based on her filing status of "single." As a single taxpayer, she will pay tax at a higher rate than when she and Bob were married.
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