Effect of missing client information on calculation of required minimum distributions

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


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.

Note: The Required Minimum Distribution (RMD) Worksheet and Summary both have “Warning” text written at the top of the page to illustrate to the client the importance of him/her providing all relevant information about each IRA or qualified retirement plan account for purposes on computing its RMD.

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