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    catonsville's Avatar
    catonsville Posts: 894, Reputation: 91
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    #1

    Mar 6, 2015, 09:50 AM
    RMD Question?
    I have a self directed IRA with Gold and Silver. Just for an example, lets say I spent 50K for them. Is my RMD based on the 50K or the actual value on Jan 1,
    2015? The outfit I am dealing with are a lazy bunch and I am sorry I ever dealt
    with the. Who can I contact about them?
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #2

    Mar 6, 2015, 10:25 AM
    The RMD is based on the market value of your IRA account(s) as of Dec 31 of the previous year. To calculate the RMD you divide that value by a factor which depends on your age. If you have multiple IRA accounts you are not required to take an RMD from each - you can take more from one account and less from another, just as long as the total meets the minimum required from all your accounts.
    catonsville's Avatar
    catonsville Posts: 894, Reputation: 91
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    #3

    Mar 6, 2015, 10:35 AM
    That is what I thought. These people are lazy beyond compare. They listed the full value not the value on Dec 31. Would it do any good to contact FINRA about their shoddy work?
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #4

    Mar 6, 2015, 12:27 PM
    What do you mean by "full value?" Do you mean "amount invested?" I'm guessing your account has lost money, and so if they are using the amount invested in their RMD calculation it would result in a distribution bigger than it needs to be - is that what's happening? You should check the form 5498 that they should have sent you: box 1 is the amount you have invested over the years, box 5 gives the market value of the investment as of Dec 31 2014, and box 12b is the RMD amount - is box 12b calculated based on the amount in box 1, and not on box 5?

    As for contacting FINRA - sure, as long as you are positive they've messed up.
    catonsville's Avatar
    catonsville Posts: 894, Reputation: 91
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    #5

    Mar 10, 2015, 05:45 PM
    @EB, I requested a Form 5498 and they responded by saying "The IRS does not send them out until May because I can make contributions up until April 15th". This is not correct according to you EB. These people are a mess. All they want to do is charge me big Commissions and it is like "pulling teeth" to get any information.
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #6

    Mar 11, 2015, 05:40 AM
    I did some more research and they are correct - the deadline for them to file file Form 5498 with the IRS for tax year 2014 is May 15. However - if they have made a RMD in 2014 they should send you form 1099-R documenting that distribution - did they? Is it in error? Does it agree with the actial amount you received?
    catonsville's Avatar
    catonsville Posts: 894, Reputation: 91
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    #7

    Mar 11, 2015, 06:41 AM
    Quote Originally Posted by ebaines View Post
    I did some more research and they are correct - the deadline for them to file file Form 5498 with the IRS for tax year 2014 is May 15. However - if they have made a RMD in 2014 they should send you form 1099-R documenting that distribution - did they? Is it in error? Does it agree with the actial amount you received?
    No, so far, no 1099-R. Thanks, will have to wait and see. Did not take anything out of the account so just the normal balance for Dec 31 is what should be used. Just very unhappy with the way these people do business. Already removed 100K from their control and back to my original IRA account.

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