IRA RMD not received.

[JenMO]

Client has been getting his rmd for 10 years and this year the company didn't get it sent out. Don't know the exact amount, what should I do?

[Roland Slugg]

What should YOU do? About what? Reporting it? Getting it straightened out? Advising the T/P? I think that depends on how you see your role in relation to this. Right now I think all you should do is discuss the matter with your client. And make sure your facts are correct. If he was getting the RMD each year for ten years, it's possible that he received it in 2016, as well, as just forgot. Look for a 1099-R form.

[JenMO]

that's how we found it, no 1099-R. I have researched and found the Forom 5329 and instructions how to report.
Now just hope the IRS accepts our reasoning for waiver

[kathyc2]

that's how we found it, no 1099-R. I have researched and found the Forom 5329 and instructions how to report.
Now just hope the IRS accepts our reasoning for waiver

I would contact the investment company that holds the IRA either with the clients authorization or preferably with him present to determine that there was not a distribution and not just a missing 1099R. If there was actually not a distribution, have client tell them to make double distribution in 2017. Indicate on 5329 that 2017 will have a double distribution and you won't have any problem getting the penalty waived.

[FEDUKE404]

Dealing with RMD not taken

Client has been getting his rmd for 10 years and this year the company didn't get it sent out. Don't know the exact amount, what should I do?

Well. . .did your client REQUEST / AUTHORIZE a payment? ?

About all YOU can do is to inquire about a (potential) missing Form 1099-R, if that is the case.

Otherwise, you just prepare the 2016 tax return based upon the facts at hand, to include Form 5329, Part IX (with or without the penalty abatement request). You cannot turn back the hands of time to a point prior to 12/31/2016.

FE