On March 7, 2023, the IRS issued Notice 2023-23 providing relief to IRA providers for providing RMD statements for 2023, specifically for IRA owners who will attain age 72 in 2023. Under such relief, the IRS will not consider an RMD statement provided to an IRA owner who will attain age 72 in 2023 to have been provided incorrectly if the IRA owner is notified by the IRA provider no later than April 28, 2023, that no RMD is actually required for 2023. The notice further states that when Form 5498 is filed for IRA owners who were born in 1951, Box 11 should not be checked.
Due to the amendment to Internal Revenue Code made by the SECURE Act 2.0 (enacted on December 29, 2022) which pushed back the first distribution year for which IRA owners must begin taking RMDs from the year they attain age 72 to the year they attain age 73, IRA owners born in 1951 are required to begin their RMDs in 2024, not 2023 as would have been required under the old law. In the notice, the IRS states that such relief is granted as there was a short amount of time that IRA providers had to change their systems so that no RMD statements would have been provided for such IRA owners.
The SECURE 2.0 Act did not change the required beginning date for IRA owners who attained age 72 in 2022. To reduce misunderstanding among IRA owners, the IRS encourages all IRA providers, in communicating these RMD changes, to remind IRA owners who attained age 72 in 2022, and have not yet taken their 2022 RMDs, that they are still required to take those distributions by April 1, 2023.