You posted under Rheem 40 gallon electric water heater, which is two-element 240Volt heater.
If this is not your heater, add a comment.
If you suddenly have no hot water, that narrows the suspect list.
Step1:
Check for tripped circuit breaker.
Open top cover on water heater and push in reset button on upper thermostat.
If reset button is tripped out, and will not push back in, then replace upper thermostat.
http://waterheatertimer.org/How-to-replace-thermostat-on-electric-water-heater.htmlPut ear against tank and listen for bubbly-fizzing sound that says heater is ON.
If reset is not tripped, then move to step 2
Step 2: use tester or multi-meter and test across top two screws on upper thermostat for 240Volt.
If heater is not getting 240V, then test circuit breaker.
Move water heater wires from 240V breaker to another same-amp 240V breaker and see if that restores power.
You may need to replace breaker:
http://waterheatertimer.org/How-to-replace-circuit-breaker.htmlIf problem persists, then you might have a line problem between breaker and water heater.
Open cover on top of heater, and check connections on top of heater.
Step 3:
If heater is getting 240V, then upper thermostat or upper element is bad.
I suggest 30 minute troubleshooting which could save you a service call, and will be valuable information in the future:
http://waterheatertimer.org/How-to-troubleshoot-electric-problems-with-water-heater.htmlAdd a comment for more free help.
Also take advantage of fixya phone service.
For a price, fixya expert speaks with you over phone while you work on timer.
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