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Tax Strategies for the Retired Taxpayer: Convert your IRA’s Required Minimum Distribution into a Qualified Charitable Distribution

After years of saving for retirement, it’s time to start using those savings—even if you don’t really need to.  Once you reach 70 ½ years old, you must begin taking annual distributions from your qualified retirement plan.  This is called a required minimum distribution (RMD.)  If you don’t take your RMD, the IRS imposes a severe penalty—it’s a tax of 50% of the amount that was not withdrawn in time! Additionally, any RMD taken is considered ordinary income and will Read more [...]