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#2245695 - 11/19/20 04:49 PM IRA Changes - Are any notifications REQUIRED?
Libby P. Offline
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Posts: 573
Mississippi, USA
Are banks REQUIRED to send any notifications to IRA Owners regarding the recent IRA changes?
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#2245701 - 11/19/20 05:33 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
rlcarey Offline
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Galveston, TX
I am not sure that there has been any further IRS releases - maybe someone else knows:

https://www.irs.gov/newsroom/irs-an...nts-that-were-waived-under-the-cares-act
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#2245704 - 11/19/20 06:44 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
Libby P. Offline
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Joined: Sep 2007
Posts: 573
Mississippi, USA
Thank you for the information, Randy. If anyone else knows anything further about requirements for banks to notify IRA owners regarding IRA changes that have occurred this year, please respond on this thread a.s.a.p. We have a vendor insisting that notification is needed, but I am not totally convinced it is required. Thank you!
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#2245705 - 11/19/20 06:48 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
rlcarey Offline
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Galveston, TX
If they are insisting, then they should be able to provide you with the supporting documentation.
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#2245774 - 11/23/20 03:25 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
burkemi Offline
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Posts: 465
I am piggy-backing onto this thread. If anyone knows anything definitive I would like to hear it as well.
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#2245789 - 11/23/20 07:28 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
Jenny Roberts Offline
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Joined: Feb 2014
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Tennessee
I would like to know too because we had a vendor say this also. We have had them do this before but it was not required....not sure if they are just trying to make a sale or if it really is required and I hadn't heard anything on it yet.....

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#2245818 - 11/24/20 03:50 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
elebra Offline
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I’d be willing to be we all have the same vendor. Per the IRS Notice 2020-68, if a bank chooses to accept post 70.5 contributions, bank must amend and disclose to customer. Q B1, B2, B3.

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#2246041 - 12/01/20 09:37 PM Re: IRA Changes - Are any notifications REQUIRED? elebra
OnTheEdge Offline
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SmallTown, USA
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#2246042 - 12/01/20 09:42 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
Skittles Offline
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TN
Thanks for posting that, OnTheEdge. This came up here yesterday.
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#2246053 - 12/02/20 02:09 PM Re: IRA Changes - Are any notifications REQUIRED? Libby P.
Cbigun Offline
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Joined: May 2016
Posts: 142
We all sent out notification when the Secure Act amendment came into play this past year. Is this a NEW notification? I'm feeling confused.

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#2246055 - 12/02/20 02:21 PM Re: IRA Changes - Are any notifications REQUIRED? OnTheEdge
burkemi Offline
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Joined: Nov 2013
Posts: 465
Originally Posted by OnTheEdge


Also, see page 29.

Thank you Edge - very spot-on. Much appreciated.
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