RMD
I am 88 years old and have $300,000 in IRA. Is there any way to reduce taxes?
Terry Says
You MUST take your RMD before year end! Did you read my recent column?
https://www.terrysavage.com/calculating-your-rmd/
And you MUST pay income taxes on the RMD. That should be done by having the custodian withhold at least 20% in income taxes. If it’s too much, you’ll get a refund when you file your tax return next spring.
And since you got a tax deduction — and all that tax-deferred growth along the way — yes, you must pay your taxes now!
