The IRS has provided guidance to financial institutions regarding reporting for required minimum distributions (RMDs), the rules for which the SECURE 2.0 Act changed.
The SECURE 2.0 Act, enacted as Division T of the Consolidated Appropriations Act of 2023, delayed the required beginning date for RMDs to age 73, allowing IRA owners who turn 72 in 2023 to not take an RMD for that year.
The IRS issued Notice 2023-23 on Tuesday, March 7, which says an RMD statement sent by a financial institution to an IRA owner turning 72 this year will not be considered improperly sent if the institution notified the owner by Friday, April 28. Learn more.