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Fall 2019 Newsletter: Over 70.5 with an IRA? Make Sure You Take Care of This Before Year End

Have You Taken Your Required Minimum Distribution?


We know it isn’t even winter yet, but don’t wait until the last minute to take your RMD. If you are over 70.5 years old or are the owner of an inherited IRA, you are required to take a minimum distribution before December 31, 2019. There are stiff penalties (50% of the distribution) for not taking your distribution before the deadline. If you would like to arrange for your distribution, please contact our office and let us know how you would like to receive the funds. You can choose to have a check sent to your address of record, have the funds deposited directly into your checking account, or have cash or shares transferred into a non-retirement account. Lastly, you can choose to make a contribution directly to your favorite charity. We recommend that you contact us by December 1st to ensure plenty of time for the distribution to occur before the end of the year.


It’s a Win-Win With A Qualified Charitable Distribution


A qualified charitable distribution (QCD) allows taxpayers over age 70.5 to give up to $100,000 directly to charity from their IRA. QCD’s are not included in your taxable income and count toward satisfying your required minimum distribution. By using a QCD strategy, you avoid having that distribution run through your tax return which could potentially increase the amount of alternative minimum tax you pay as well as the amount you pay for Medicare Part B and Part D. Taxpayers who are over age 70.5 can have their IRA custodian directly transfer the money from the custodian to the charity of their choosing up to $100,000 per taxpayer, per year, completely tax-free. We recommend that you contact us by November 15th to ensure plenty of time for the distribution to occur before the end of the year.

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