Tagged: RMDs

Should you make a “charitable IRA rollover” in 2016?

July 27, 2016 Tax Department News and Events charitable IRA rollover, direct contributions, qualified charitable organizations, required minimum distribution, RMDs, tax savings

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. Satisfy your RMD A charitable IRA[…]

Avoid a 50% penalty: Take retirement plan RMDs by December 31

December 14, 2015 Tax Department Tax Bites defined contribution plans, MAGI, NIIT, retirement plan distributions, RMDs, Roth IRAs, tax, tax-deferred compounding

After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). You also could be required to take RMDs if you inherited a retirement plan (including Roth IRAs). If you don’t comply — which usually requires[…]