RMD Value & Information section
In the account section, I'd love to have an area specifically for RMD info.
There is the general info section, which duplicates the issue date (listed in the account dates), the cash value and as of date (which duplicates the account assets balance), face value (which duplicates the coverage info), surrender value and as of date, loan balance, asset rebalance and rebalance frequency. Why can't an RMD info section be added, or the general section modified to include 12/31 year end value, RMD value, a check box for auto RMD, and that type of information? I'd love to be able to put their withdrawals (or projected withdrawals) for the year and have the system calculate if they will need to take more, or if their RMD is covered. Also, add a text box for notes, so we can detail if RMD is covered by another IRA accounts withdrawals. Please, make this information available to be added to reports!
I know it can be added in a UDF, but everyone has clients that have to take RMD's. This has got to be a feature that more people want and will use, than duplicating other values or dates already listed in the details section.
Rachel Crawford
shared this idea
The suggestion may be planned, but there is no timeline on this feature being added.
This suggestion is remaining open and can continue to gather votes and comments!
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Lucy Curiel
commented
Right now the only option is monthly distributions... A lot of our clients take an ANNUAL RMD or Quarterly income distributions. Would also be very helpful to be able to see Tax withholding, method of delivery, date of distribution, etc...
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Leo O'Connor Jr commented
We do this with UDFs and while we can bulk add the contact level UDFs we end up having to manually add the account level UDFs and that is nothing less than a huge pain and a waste of time.
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So for the nonschab users, how it this marked complete?
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I have done this with UDFs but as you can't bulk add UDFs and Redtail fails to mention that tax-qualified means needs RMDs (when they are old enough) it would be nice to have a better system.
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Dave
commented
For the purposes of an RMD report, the client's age should not be calculated from birth through TODAY. For RMD, the only thing that matters is the age on 12/31/xx. I'm not interested in how the old client is today, but only how old will they be on 12/31 of the current year.
I agree with others who have asked for the age to be displayed as XX.XX. "And about 3 months" is silly and a waste of space. -
While I have made a system using Redtail it leaves a LOT to be desired because of how things are done and what you fail to tell us (Like checking tax qualified for a 529 means they are now sucked up into the RMD report. This issue is important enough to get right you should really host so advisors and admins and see what would work best for everyone.
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I agree. Make it something we can run reports by, export, and even show without having to click into the account.
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Anonymous
commented
More of a transaction log/spreadsheet not just for withdraws
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Anonymous
commented
Would like to be able to keep up with withdraws on accounts more detailed.
I seen where can list a monthly and total withdraw.
But for some accounts clients get a systematic withdraw and will withdraw separate individual withdraws on top of that. Then will have RMD with draws.
Would like to have it where it's a transaction history. When I tried using the transaction section it did not match up to my needs on my accounts. It needs to be more expanding not so one way or no way. Also keeping track of penalties and fees.
We have to keep a separate log for these and manually keep track so it be nice to have it all on here. -
Anonymous
commented
This would be great!
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Melody
commented
Please add a field to enter clients Required Minimum Distribution (RMD) amount - should be done for each investment they hold
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Chuck Vercellone
commented
You can easily create this in the UDF field - add a field for the current year RMD amount and a field for systematic Y/N
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Brenda Gebhardt
commented
Yes and make it easier to change the UDF from a no to yes or visa versa.
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Anonymous
commented
Would like to have a check block indicating that a client is or isn't in RMD status. Be able to link the RMD amount to each account that will tally the total amount for each of their accounts. Would also like to have a reminder or completed check block to let us know if the RMD was completed or not.
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Melody
commented
On each account have a place to put in the current years RMD amount
If they have set up a systematic withdrawal - if so monthly or annual and date
If the RMD has been satisifed -
Angie
commented
Would like an automatic reminder for RMDs - ideally estimated amount (based on IRA account types). At a minimum it would be nice to have an auto reminder go off when a client hits 70 1/2 to indicate we need to look at it.
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Anonymous
commented
Also include a way for us to track inherited IRA RMDs
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Cindy Moe
commented
Now that Redtail Tailwag has the ability to run an RMD report, a way to create a global task for those clients needs to be available. Information can be recorded for the current year RMD, and when completed it will become a Note for easy reference. The task could be on a recurring basis so that only RMD tasks for new clients would need to be added each year.
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Toni House
commented
We desperately need RMD tracking. I am manually doing it right now. When you have more than 150 RMD's I am so afraid of missing someone. I have been trying to create something better for tracking and calculating how much has been taken, how much needs to be taken and how much still needs to be taken since I started working here more than a year and a half ago. So any help is appreciated.
So please TailWag figure something out. -
Becky M
commented
RMD's are so important, seems like I spend half my life tracking them all. This is my one disappointment (and a huge one) in moving to Redtail from ACT! Was wishing Retail would have had this figured out.