As we head into the final days of the 2022 tax year, there are a couple of items that you should keep in mind if you need to take your Required Minimum Distribution (RMD). These need to be completed by Dec. 31.
Also, consider doing a Qualified Charitable Distribution (QCD) from your taxable retirement account. This is a brilliant solution that allows someone subject to the RMD to donate all or part of that amount to a qualified charity. For individuals, it’s up to $100,000, and for couples, it’s up to $200,000. Making that donation directly from the taxable account satisfies the distribution requirement but does not increase the individual’s adjusted gross income, nor add to their tax bill. The QCD can be made at any time throughout the year, just as long as it is completed by Dec. 31 and taken before your RMD.
As always, consult with your financial advisor or tax professional before making any final decision on your tax strategy.
Best wishes for a joyous holiday and a prosperous new year.
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.