A Dumb Question

Profit Sharing plan took the balance of an unlocatable participant and transferred it to a Default IRA. Question is does the plan have to prepare a 2022 Form 1099-R for this participant, knowing that the form will never been received by the person? Thanks for any replies.

Yes, because it is reportable, and the IRS needs to get their information.

Does the default IRA’s custodian have a name, taxpayer identification number, and address to which the custodian sends the custodian’s IRA account statements and tax-information reports?

Peter, don't know the answer to that. I'll contact them. We did a lost employee search last year, sent a form there, and it came back unclaimed. Think I'll just use that address.