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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

What if my client does not provide all of the information required to calculate the required minimum distribution?

Answer

The calculation of the RMD for an IRA or qualified retirement plan account is dependent upon having all relevant information. The Required Minimum Distribution (RMD) Worksheet and Summary are based solely upon data provided by the client and entered into the tax application. Any information withheld by the client or not entered into the program can change the calculation of the RMD. If you are engaged to compute an RMD for your client, encourage him/her to provide Forms 5498 for all IRA accounts and/or end of year statements for all other qualified retirement plan accounts, as well as decedent information for all inherited accounts.

Related topic: Required Minimum Distribution (RMD) Worksheet FAQs (1040)

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