Must required minimum distributions from IRAs be reported to IRA owners?
Beginning with required minimum distributions for calendar year 2003, IRA trustees, custodians, and issuers must provide information relating to lifetime required minimum distributions to IRA owners by January 31. Thus, the first report will be due January 31, 2003, alerting IRA owners to the distribution they must take for 2003. The IRA trustee must either provide the IRA owner with the amount of the required minimum distribution, or offer to provide the IRA owner, upon request, with the amount of the required minimum distribution. See Notice 2002-27 for further information.
