RMD when IRA $ was in an investment scam?
RMD for 73 yr old when IRA money was involved in an investment scam. What does the taxpayer do for the RMD requirement when there is no money there to take out?
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03/26/11 8:24am PDT
Viewed by asker 03/28/11 7:26am PDT
Viewed by asker 03/28/11 7:26am PDT
3 Replies
03/26/11 9:16am PDT
Is the account value zero or is it just that the funds are frozen and untouchable? If there is no value because all of the money has been stolen, then I would say the RMD is zero. If the funds are just frozen, then I suppose you should attach a statement to the tax return stating that.
03/26/11 10:41am PDT
Value is zero right now. They have paid attorney fees for a lawsuit against the scammers who have some property so maybe down the road they MAY recover some funds but unlikely they will recover any at all is my guess. Who knows, they may receive some money from it down the road but who really knows.
03/27/11 8:30am PDT
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If the value is zero (or was zero first of year) wouldn't the RMD be also zero?
