- 1). Review the IRA statement title to determine the actual error. A beneficiary IRA should read similarly to this: "Jane Doe IRA/ Deceased 12/01/01/FBO Janet Doe as beneficiary." These elements need to be established so the IRS doesn't think Jane Doe is taking distributions or Janet is taken early distributions; FBO refers to "for benefit of."
- 2). Call the IRA custodian who opened the beneficiary IRA and explain that there is a problem with the title. State what information is incorrect or missing and request paperwork to fix the title.
- 3). Fill the forms out or write a letter to the IRA custodian reiterating the problem with the IRA title and providing the correct title information. Sign and deliver the letter.
- 4). Confirm on the next statement that the issue is resolved. If it hasn't been, contact the custodian once again and ask to speak with a supervisor to deal with the matter.
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