RMDs and Minimizing Taxes Through Charitable Giving
Tax Planning Tip:
Required Minimum Distributions (RMD) are mandatory IRA Distributions starting at age 70 1/2. The IRS enforces this rule with a hefty 50% penalty for non-compliance!
One option to consider to minimize your tax obligation is to have your RMD paid straight to a registered charity. Of course you’ll want to verify that your intended recipient is, in fact, properly registered with the IRS via one of these sites:
Waterstone Tax Service LLC is a full-service tax preparation provider. Contact us to schedule a consultation.
