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#2089154 - 07/21/16 04:03 PM Dormant IRA
Valley girl Offline
Gold Star
Joined: Aug 2014
Posts: 336
TX
We have a couple of accounts that are dormant that have IRAs. According to state law, I can't collect any fees from the account because it is dormant, but I've also read that the IRA isn't dormant until 3 years after the mandatory distribution date. This is kind of a two fold problem as we can't collect the IRA fees because the share/share draft are dormant, but the IRA isn't. Do we need to remit the share/share draft funds to the State of Texas after 3 years, and hold the IRA to term, some 20 - 40 years down the road?

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#2089366 - 07/21/16 09:59 PM Re: Dormant IRA Valley girl
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,366
Galveston, TX
Three years is correct. You might have to call the State regarding the fee prohibition.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2089370 - 07/21/16 10:20 PM Re: Dormant IRA Valley girl
Valley girl Offline
Gold Star
Joined: Aug 2014
Posts: 336
TX
I will call the State but the point will become moot once I submit the share/share draft to the State after 3 years.

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#2089375 - 07/21/16 11:06 PM Re: Dormant IRA Valley girl
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,366
Galveston, TX
I did mean "the IRA isn't dormant until 3 years after the mandatory distribution date".
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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