A Note for Your Credit Union: Adjustments to Required Minimum Distributions on 5498 Tax Forms

As a follow-up to the message you received in January about changes in the age for IRA required minimum distributions (RMD), we have made adjustments so that the RMD box on 5498 tax forms will be checked if (a) the member turned 70 ½ in 2019 or earlier, or (b) the member will turn 72 in 2020.  As explained in the Year-end Processing Guides, 5498 forms are produced in May.  Remember that the deadline for online CUs to verify this data is May 4th!