A confusing tax requirement has grown even more so this year, as a new age for required minimum distributions, or RMDs, from retirement accounts takes effect.
“We always get questions about this, and especially now because the age has increased two times now in four years,” says Juan c. Ros, a financial advisor at Forum Financial Management in Thousand Oaks, Calif.
Put another way, the most recent change affects those born in 1951 or later. Boomers born between 1951 and 1959 must start their RMDs at age 73, while everyone born in 1960 or later will have an RMD age of 75. headtopics.com
“The custodian doesn’t know about the other accounts, and the advisor might not know either,” Miller says. Those who don’t need their withdrawal to live on have the option of making a tax-free charitable donation of up to $100,000 to satisfy the RMD requirement (or up to $200,000 for a married couple filing jointly). A qualified charitable distribution (QCD) is transferred directly from an individual retirement account to a qualifying charity, and the amount is not counted toward the donor’s taxable income.
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