How to receive final statement from previous year for an inherited IRA

Submitted by patrick hearn on Tue, 2018-07-10 19:27

We inherited two IRAs from the same person (not spouse, father) inn 2017. We require the last year’s statement to calculate this year’s RMD. The IRA’s were held by two companies, one IRA at each company. We transferred the IRA’s to a new company and combined them into one inherited IRA. The two previous companies refuse to provide end of year statements to us, citing privacy concerns. The new company has says it cannot obtain the statements. Is there a method or requirement to provide the 2017 year end totals for the IRA from the previous companies?



Submitted by Alan - IRA critic on Tue, 2018-07-10 22:24

  • You could not have transferred those accounts without providing the info to have them re titled in beneficiary format, so that info would eliminate any privacy concerns since you became the beneficial owner of those accounts before they were tranferred.
  • Exactly when were these accounts re titled, and when were they transferred? If not until this year, a Form 5498 or statement of the value on 12/31/2017 should have been sent to your father in January.
  • The 1099R Inst for Form 5498 reporting account values depend on the above dates. What is the status of father’s 2017 RMD?  If he did not complete it, you are also responsible for completing his 2017 RMD, but not for earlier years. For that you would need to know what his RMD was and how much he withdrew. He could have satisfied his total 2017 RMD using any combination of the two accounts.

Add new comment

Log in or register to post comments