RMD’s and Roth conversions and taxes
Terry, I am 79 years old and taking my required minimum withdrawals every year. Is there any way that I can eliminate or reduce my taxes due on those withdrawals?
Terry Says
Nope. The amount of the withdrawal is considered ordinary income, and added to your other income for taxation purposes. You should ask them to withhold maybe 15% for taxes when you take your RMD.
The only other alternative is to ask the custodian to distribute some or all of your RMD to a recognized charity. That amount is not taxed to you.
