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Compliance Update - March, 2020

SECURE ACT - TY2019 5498 Reporting

The IRS has recently posted a notice regarding the implementation of the recently passed Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) Act. This notice affects TY2019 5498 reporting in relation to Required Minimum Distributions (RMD).

Please read below for highlights!

  • The IRS Notice is here -
  • The Notice is in relation to the SECURE Act and essentially changes the age requirement from 70 & 1/2 to 72 under certain circumstances for IRA owners taking a Required Minimum Distribution (RMD).
  • This may mean that 5498 information, already entered/imported, will need to be updated for Boxes 11, 12a, and/or 12b.
    • For instance, Box 11 might have currently been checked if the individual was 71 years old but now it would need to be unchecked since the new cutoff is 72

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