1099r Question

[geekgirldany]

Clients are in their 80's. In the past they have left out 1099Rs. I will call and they usually find them. This year they insist the one I am looking for they no longer have. But I do not have any documents that they took a total distribution. I feel like they are confused and I am sure there should be one.

Not sure what to do. Finish the return and wait for a letter or try to get permission to contact the IRS. They will not owe but I am sure it will cause problems down the road.

[Burke]

Easier to call the custodian. Phone #'s are usually on the 1099R's if you have a copy of previous years'.

[geekgirldany]

Will they talk to me without a privacy release? I assume I will have to get one. I do have the prior year 1099r and a statement.

[TXEA]

Do a conference call and have the client on the phone with you.

[FEDUKE404]

Getting source documents

I don't really understand what talking to the IRS could even accomplish in this situation.

If you have a recent, prior Form 1099-R for the account it should be a simple matter to request a copy of any 2013 copy of same, or obtaining a simple reason why there is none.

FWIW: I am coming to the sad conclusion that getting myself involved in ANY telephone conversations with investment folks (or any third parties!) is a serious and counterproductive waste of my time. Perhaps not if "the meter is running" but even with that I consider such not the best use of my extremely limited time.

Have the client make the call, or send a letter to the firm. Move on to the next tax return in the interim.

FE

[TaxGuyBill]

Another option is to file an extension, wait until July, and get an IRS "Wage and Income Transcript" to see the 1099-Rs that were filed with the IRS..

http://www.irs.gov/Individuals/Get-Transcript

[geekgirldany]

I don't really understand what talking to the IRS could even accomplish in this situation.

FE

Well I was thinking I could get the transcripts of income by calling the IRS. But looks like July for those (as bill posted). I was under the impression since info returns had to be in by feb 28th then the transcripts would be available before time to file.

Clients are admit there is not another 1099r. Just trying to find a way of getting the info without saying "are you sure you did not forget it". Usually does not go over well. Anyways.... thanks to those that posted.

[taxea]

I don't really understand what talking to the IRS could even accomplish in this situation.

If you have a recent, prior Form 1099-R for the account it should be a simple matter to request a copy of any 2013 copy of same, or obtaining a simple reason why there is none.

FWIW: I am coming to the sad conclusion that getting myself involved in ANY telephone conversations with investment folks (or any third parties!) is a serious and counterproductive waste of my time. Perhaps not if "the meter is running" but even with that I consider such not the best use of my extremely limited time.

Have the client make the call, or send a letter to the firm. Move on to the next tax return in the interim.

FE

Not the IRS, the account custodian and yes they will usually talk to you but it would be better to have a signed 7216 or the client on the phone.

[taxea]

Well I was thinking I could get the transcripts of income by calling the IRS. But looks like July for those (as bill posted). I was under the impression since info returns had to be in by feb 28th then the transcripts would be available before time to file.

Clients are admit there is not another 1099r. Just trying to find a way of getting the info without saying "are you sure you did not forget it". Usually does not go over well. Anyways.... thanks to those that posted.

Hi "Client" I know you said that you don't have that account I was missing the 1099 for, but if you closed it there has to be a document from the "source" that explains (for tax Purposes) how I should handle reporting the closed account. I need you to sign a waiver form so I can talk to "your advisor".....and take it from there