Help! In the last 2 months my siblings and I were contacted by Fidelity Investments and notified that my mother had an IRA account that we were named as the beneficiaries of. Here is the catch, my mother died in 1998… at the age of 41.
I am attempting to see what I can do about this situation but there are several factors that I just do not know about.
First of all we have obviously have been missing the required minimum distributions for the last 18 years! I know I told to file a 5329 by the person handling the account at Fidelity but in some articles I have read it states to file one for each year I missed the minimum distribution, I was only 10 years old when my mother passed and I don’t believe I started filing my own taxes until I was 21.
When I asked my Father if he knew anything of the account he said he didn’t know and if he did he completely forgot. Its not a large amount in the IRA but that it not the point. Is there anything I can do to rectify the 18 years of missed RMD’s? Will there be anything left after all this time? Thank you in advance!