Have a Tax Question? Ask a Tax Expert
Sorry for your loss...
Yes - because of your age - you are subject to RMD - required minimum distribution.
You do need to know your account balance on Dec 31, 2014 - and based on that amount - you will determine your RMD.
Let me know if you need any help with calculations.
You may ONLY report a loss on IRA account if the money were contributed with after tax dollars.
But if all IRA contributions were deducted - you already excluded that amount from taxable income - and there would not be another deduction...
Yes - you need your last statement for 2014 - and that will show the balance on Dec 31 which is used to calculate the RMD amount.
You may use this online calculator to determine your RMD amount
I will help you if needed.
I understand you you made no contributions to the IRA account for many years.Such contributions are only allowed for those below 70 1/2.
But after you turned 70 1/2 RMD came up - and you are required to take distribution every year until the IRA account is fully distributed.
That is very important to take at least RMD distributions to avoid penalty.
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If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.