January 31 RMD reporting requirement (& 2003 5498)

[Guest RJM]

Has anyone heard anything to the effect that the January 31 RMD reporting requirement has/will be eliminated?

Box 11 of the "Instructions to Participant" on the 2003 Form 5498 on the IRS website still bears the legend "The amount, or offer to compute the amount, and date of the RMD will be furnished to you by January 31 either on Form 5498 (in the blank box to the left of box 10) or in a separate statement."

Sounds as though the IRS wants 5498s to be issued by Jan 31 instead of May 31.

[Appleby]

It appears that the text needs some rewording-since the 5498 is being issued after the notification to which it refers is (or should have been) already sent to the IRA owner …also -given that contributions made up to April 15 must be reported on the 5498- 5498’s cannot be issued until after April 15--- unless IRA contributions will be reported on a new form.

It would seem more practical to include the RMD notification on the fair market value (FMV) statement, as the date for both (the FMV statement and the RMD notification) coincide

[Guest franky]

Although I generally agree with you, Appleby, "It would seem more practical to include the RMD notification on the fair market value (FMV) statement, as the date for both (the FMV statement and the RMD notification) coincide." In most cases, the 5498 could be sent in January for such individuals. Remember, we're talking about individuals 701/2 and older. Regular TIRA contributions are no longer permitted for such individuals. Having said that; however, I still think January FMV statement is more logical place to combine RMD notification.

[Appleby]

In most cases, the 5498 could be sent in January for such individuals.  Remember, we're talking about individuals 701/2 and older.  Regular TIRA contributions are no longer permitted for such individuals.

Franky--- Excellent point! Considering your point, RJM could be right