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.
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!
Paul Doak commented
The easier Redtail makes this, the better. An automatic feature alerting us to RMD is much needed. DO this, please.
Please please do this!!
We set up tag groups for each month of the year. At the begining of each month we check out the ages of those clients to see if they need an RMD. We also set up a tag group for our clients that are already getting RMD's.
Suzanne Rodriguez commented
Kathryn, a better way to do that is do a quicklist of client over age 69, not 70, beacuse it will NOT include those that are turning 70 1/2. This way, any new clients will automatically fall into the quicklist. You will need to make sure all of those clients have their IRA's marked qualified, so you know they even have an IRA.
IF over 70.5, have the report list the IRa accounts that the client has, the previous year end value, and then the RMD amount to take out, and the amount and date taken, Protracker had a report like this and it was very helpful.
Another solution could be a report that we could run annually that would show everyone that would be 70 1/2 that year and therefore need to start RMD's that year. Currently I have to run 2 reports for age 70 and 71 (by year of birth) and then manually determine who will be 70 1/2 that year.
We have a lot of clients over or approaching 70 1/2. This will be a great tool.
Wesley Melbrod commented
Yes, a 70 1/2+ age alert would be very helpful.
Please add a feature to flag clients (based on birthdate) that qualify for Required Minimum Distributions and then add an option to track or note the date/amount of the distribution.
Philip Grimm commented
I agree! It takes way to long to create a list of people who need to take RMD's. Pulling the list by age would be a great start. I have worked with other CRM programs and I could pull a report very quickly with those programs.
+1 please add. Very useful to know how soon a birthday is with a quick glance.
I feel the same way, but have created a quicklist for "clients over 69 with tax status equal to traditional IRA's" (if you do it over 70, it will not inclued them). You do have to make sure all of your accounts are coded as IRA's though....very time consuming process, but it works once you have it done and keep up with it.
Brittany Farris commented
This feature would be of great value to our firm as well. Maybe build a function that recognizes Client's with RMD by their birthday, then we as users can pull a list of these clients from a serach....