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March 7, 2023

IRS issues guidance for financial institutions required by change to required minimum distribution rules for 2023

In Notice 2023-23, the IRS provides guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023 because the SECURE 2.0 Act delayed the required beginning date for RMDs (from age 72 to 73). Due to this change, IRA owners who reach age 72 in 2023 will not have an RMD for 2023.

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor