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.
Breaking Down the New Jersey Antitrust Lawsuit Against AmazonA legal document highlighting the State of New Jersey’s allegations against Amazon for violating the New Jersey Antitrust Act. Read more ⮕
Breaking Down Kyle McCord’s Passing Chart from Ohio State’s Win at WisconsinKyle McCord had arguably the worst game of his collegiate career in Ohio State’s 14-point win at Wisconsin Saturday night. Read more ⮕
Breaking Down Hollywood CEO Perks: Private Jets, Free Internet & MoreExecutive compensation has been scrutinized amid the strikes — but beyond the hefty pay packages most top executives also get their fair share of perquisites. Read more ⮕
OHSAA girls volleyball regional preview 2023: Breaking down semifinal matchups to watchHere is a breakdown of the OHSAA girls volleyball regional tournaments. Read more ⮕
Boys Soccer state tournament preview, 2023: Breaking down the sectional semifinalsA look at each of the teams left in the NJSIAA Tournament Read more ⮕
Breaking down major headlines from the Nation’s CapitolCongress is divided over a plan to get aid to Israel, President Biden discusses retirement security, and the Senate Judiciary Committee is digging deeper into it’s Supreme Court Ethics Investigation. Our White House Correspondent Peter Zampa breaks down some major headlines coming out of the Nation’s Capitol. Read more ⮕