701/2 During Current Year |
  
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Navigation: Deposit Screens > Definitions Screen Group > Event Setup Screen >
701/2 During Current Year |
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The 70 1/2 During Current Year is an event for retirement (non-Roth) accounts. This is a letter you can send to your retirement account owners informing them of the rules and regulations required for minimum distributions from their IRA. This is only for account owners turning 70 1/2 this year (see second Note below for updates to this requirement.) The system will look for IRA owners (non-Roth) that will be 70 1/2 in the current year.
This event has an annual run date determined by the month and date entered in the Run Options field (see below).
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Note
You must notify GOLDPoint Systems if you use this letter, because an afterhours Update Function 53 must coincide with this event. |
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Note
On December 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act (FCAA) which contained the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Many of the changes in the SECURE Act were effective January 1, 2020.
Effective January 1, 2020: Required Minimum Distribution Age has been increased, which delays distributions from being required. This change has removed the age-70½-year requirement with the year in which the owner reaches age 72. This change does not include those that are currently taking RMDs. If the owner is born on 6/30/1949 or earlier, they are still under the age-70½ rule. If the owner is born 7/1/1949 or later, they qualify for the new age-72 ruling. The Required Beginning Date remains April 1st. This will now be April 1st of the year following the date the account holder turns 72.
We will be changing the name of this event to RMD During Current Year. Additionally, the system will look for IRA owners (non-Roth) that will be 72 in the current year. The Event Letter program will be modified to age 72. |
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Event Number: 2090, 2190 (No Mail - See the main Event Setup Screen help for more information on the No Mail Option.)
Event Letter: None
Enter the month and date for when you want this event to run. Any retirement account in which the owner will be 70½ years of age during the current calendar year will create an event record. This condition will occur only in the calendar year the owner will be 70½ years of age and not in subsequent years. |
