An IRA owner had systematic distribution on a monthly basis from his IRA. he died in September 2004, but the distributions continued.
The Bank was never notified of his death until Last week (February 2005). Now the beneficiary wants us to change the reporting and issue the 1099-R for the September, October, November and December distributions in the name and TIN of the beneficiary (and the name of the deceased- like an inherited IRA).
The Bank is saying they cannot do that, because the beneficiary did not request a the distributions, and that the beneficiary should have their tax person handling any correction on the tax returns.
Is the Bank required to fix the reporting?
Thanks very much for your help.
Jane