RMD
Need help. Customer had an IRA with another advisor and failed to take her RMD for 10 yrs. What is the best course now?Besides telling her to fully disclose all of her assets next time.
Need help. Customer had an IRA with another advisor and failed to take her RMD for 10 yrs. What is the best course now?Besides telling her to fully disclose all of her assets next time.
Permalink Submitted by Bruce Steiner on Mon, 2012-09-10 20:45
Tell her to speak to her lawyer.
Permalink Submitted by Rick Tenison on Mon, 2012-09-10 20:48
Won’t he tell her it was her responsibility to take it???
Permalink Submitted by Alan Spross on Mon, 2012-09-10 20:56
First, are you sure that she did not take her RMD from a different IRA account? A taxpayer can satisfy their total RMD by taking it in any combination from the IRAs they own.
You are right, it IS her responsibility to take RMDs.
Was this IRA owned or inherited? If owned, did this start at 70 and run to age 80? And the IRS never once sent her an inquiry?