Separate 1099Rs for Different Divisors?

Submitted by Cheryl Van Beek on Tue, 2017-01-17 21:45

If someone inherited two IRAs from the same person (Non Spouse Traditional) but was listed as a (direct/first)Beneficiary on one IRA and is a Successor Beneficiary on the other and the divisors are different, should the Custodian send separate 1099 Rs to show Fair Market Value of each IRA respectively? The distributions were taken correctly from each account according to the correct divisor for each. Is it problematic if they report the combined total FMV of the two IRAs on 1 1099-R?



Submitted by Alan - IRA critic on Tue, 2017-01-17 22:18

If the distributions are from two different IRA accounts, then there must be a 1099R for each. This is true regardless of the RMD issues. The market value is reported on a 5498 for each.



Submitted by Cheryl Van Beek on Wed, 2017-01-18 18:47

Thank you!



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