Explaining the new twist of the IRA to Charity provision is a bit challenging. Ever since 2006, individuals age 70½ or older have been able to transfer up to $100,000 annually from an IRA to a charity (as long as the charity qualifies). These transfers are referred to as qualified charitable distributions (QCDs). Here is …
Required Minimum Distribution
70-1/2 Or Older? Avoid An IRS Penalty By Taking The Correct Retirement Plan Distribution
If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount – referred to as the required minimum distribution (RMD) – from those accounts each year. The tax code does not allow taxpayers to keep funds …
70-1/2 Or Older? Avoid An IRS Penalty By Taking The Correct Retirement Plan DistributionRead More
