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RMDs

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Observation:

Assisting with Required Minimum Distributions (RMDs) is likely a service you provide to your clients each year. Redtail CRM has many tools available to easily identify clients who may need to take RMDs. Examples include clients over 72, those turning 72 this calendar year, and those who have inherited an IRA.

Directions:

1. Create a Keyword in your database titled “Inherited IRA”.

Database Lists

Database Lists and the Contact Record Video

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2. Create a User Defined Field “RMD Taken 20XX” with the text type of Yes or No, where XX is the year you wish to track RMDs (example: RMD Taken 2020).

How do I add new User Defined Fields to my database?

Database Lists

Database Lists and the Contact Record Video

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3. Assign this Keyword and User Defined Field throughout the database to contacts that may be eligible for an RMD. 

a. Contacts who are over 72 or turning 72 in the current calendar year:

Set the initial value as “No”. This will be done at the beginning of each year and change to “YES” as RMDs are taken by the individual contacts.

Apply a User Defined Field and Value to your contact records in bulk 

Redtail Essentials: Contact Record Video

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b. Contacts with Inherited IRAs: 

Add the Keyword “Inherited IRA” to all clients who have a tax-qualified account and are not over the age of 72. Add this task to any workflow process where accounts are opened or moved under managemet

Set the initial value as “No”. This will be done at the beginning of each year and change to “YES” as RMDs are taken by the individual contacts.

Assign Keywords to your contacts in bulk 

Redtail Essentials: Contact Record Video

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4. Run a comprehensive RMD report throughout the year to see who has completed/ not completed the requirement.

Contact User Defined Fields Report

Redtail Essentials: Reports Video

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5. The RMD reports within Redtail will look for all contacts that are 72 or turning 72 in the current calendar year. Use the Advanced Search to find contacts turning 72 in future calendar years.

Result:

You probably already have a process in place for tracking RMDs such as a specialized software, spreadsheet or printed check off list. By managing and tracking RMDs in Redtail CRM, you keep everything in one secure location for your entire office to reference and utilize. Incorporate RMD tracking into your onboarding processes going forward to save yourself time doing database maintenance at the end of each year.

Download a PDF version of these instructions below! 

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