They would have to fix this, and then everything in point #1 above would apply.ģ. If the traditional IRA you have with them is NOT an inherited traditional IRA, then they may have made a mistake when they created the IRA account for you. The RMDs you would then have to start taking would be the account value of the inherited traditional IRA on divided by the appropriate life expectancy factor for your age, and that RMD would be due sometime in 2020.Ģ. This was supposed to have been done before the end of 2019. If your dad was older than 70.5 years old and had not taken the RMD for 2019 at the time of his death, then you and your brother would have to withdrawal his RMD from your inherited traditional IRAs. If the traditional IRA you have with them is in fact an inherited traditional IRA, then Primerica needs to let you know asap if there is an RMD due for tax year 2019. Like others have said, an inherited IRA cannot be rolled over to a personal IRA, and you cannot convert it to a personal Roth IRA.ġ. I do think you need to elevate this issue beyond the normal customer service level since your adviser is not responding to your calls. Like Alan said above, it's rare but sometimes custodians do make a mistake in the creation of the inherited IRA. Whoever does his final tax return should know if he took his final RMD or not. However, if your Dad was subject to RMDs and he did not complete his 2019 RMD before passing, you and your brother are jointly responsible to taking that RMD. Your inherited IRA RMDs are based on your age at the end of 2020, since separate accounts were set up for each of you by the deadline. So verify it is correctly titled now - showing you as beneficiary of your Dad. I doubt that happened here, but if it did you will have to act very fast to get it corrected, and if you wait and bring it up later the custodians will probably wash their hands and refer to the IRS or tax advisor. Every so often an inherited IRA will be mis titled as an owned IRA. Just look at an account statement and verify that the IRA is titled as an inherited IRA. I just need to know how to find out information about the Primerica IRA so I stay out of tax trouble and am not sure where to look. My question is how do I get information about this IRA? I am able to roll over a traditional IRA into my 403b to facilitate a Roth conversion. I am possibly interested in converting this to a Roth, and will be looking to do a backdoor Roth for the 20 tax year in addition. The IRA, according to PRIMERICA is a traditional IRA. His financial advisor (who was also mine at the time) split an IRA my dad had into half for my brother and I.
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