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:

• Charity Navigator
• Charity Watch

Waterstone Tax Service LLC is a full-service tax preparation provider.  Contact us to schedule a consultation.