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Tax-Savvy Seniors Use IRA Withdrawals to Make Deductible Donations

Source: accountingweb.com - Mar 10, 2020

Back in early December, our columnist and tax guru Julian Block discussed how retiree clients can use a retirement account for tax break. Ever vigilant, Mr. Block has found that due to subsequent legislation, there are updates to share on this matter. As such he has composed the following article for the benefit of your retiree clients.

Long-standing rules require individuals to make annual withdrawals from their IRAs and other tax-deferred retirement accounts once they turn 72. (70 ½ was the required age for 2019 and earlier years.) The IRS characterizes those mandatory subtractions as required minimum distributions (RMDs).

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Category: General Business