Does anyone know of a process to fight/dispute a Fair Market Value (FMV) that is being calculated by a custodian for Required Minimum Distribution (RMD) purposes?
The custodian in question is a large insurance company. All they will say is that they use a "proprietary formula" to calculate the value they provide to the IRS. The IRA in question was funded by an annuity purchase almost 2 decades ago. The policy has a death benefit feature. There is less than $1,000 of cash in the account, but the company is calculating over a $230,000 FMV due to a death benefit rider.
Is there any means other than a private letter ruling?
