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

Forum|Forum|1 year ago
February 4, 2025
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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

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rickbrehautAuthor

$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.

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