Help, $185,000 in custody account, ira, on $25,000 ira 20 years ago. &0 balance, help

[rickbrehaut]

74 and have to take mandatory $0 in account. IRS no help

[RobertB4444]

Please clarify your question - you need to take a required minimum distribution on an account with $185,000 in it?  I don't understand where the zero dollars comes into play.

@rickbrehaut 

[rickbrehaut]

$0 in account,  bank sending IRS RMD of just under $7,000. Stock useless.  Company, only recording, will not get back to me.  Don’t want irs problems at my age.  H&R Block, other bank money guy, call IRS.  Four people, two hours and they are baffled, wait for the problem to happen, then act.  I want to resolve before. Any thoughts are appreciated and thanks in advance for thoughts

[ThomasM125]

You should close the account so you don't have problems in the future. For this year, There is nothing I can suggest short of maintaining documentation supporting the fact that there are not funds in the account, negating the requirement that you take a distribution.

[rickbrehaut]

I couldn’t post proper post, until now.  20 years ago transferred 25,000 from simple IRA to new start up IRA fund, all lawfull.  Issued stock worth $185,000, hence my problem as company exists in some form and bank custodial informed me RAD starts to $9,000, of money that’s never, ever been account.  No help, especially the IRS, event hasn’t happen yet.  Hope you see my problem.  Thanks in advance for reading.

Rick B. 

[AmyC]

Contact the entity that sent you the required RMD form. They clearly know the parties involved and what is happening.  You may actually have money again after this many years.

I agree that you need to keep track of your efforts.

The IRS won't put the pieces together for a few years.

There is a form 5329 for waiver of penalty when RMD is not taken. I do not recommend filing the form at this time. For now, you don't have access to the money and would love to take the RMD. 

Best wishes getting the RMD issuer contacted and getting things straightened out.