IRS provides relief to financial institutions affected by tax law change raising the age for required minimum distributions

WASHINGTON – The Internal Revenue Service has provided relief to financial institutions that were expected to provide required minimum distribution (RMD) statements to IRA owners by Jan 31, 2020.  Notice 2020-6 clarifies that if an RMD statement is provided...

Relief for Reporting Required Minimum Distributions for IRAs for 2020

Under pre-amended law, by January 31st, the financial institutions would have had to notify IRA owners who turned 70½ in 2020 about the required minimum distribution (RMD) which would have needed to be made for 2020.  The SECURE Act...