A Safer Retirement and Environment – What We’re Implementing to Help Keep You Safe: READ MORE

Here at Senior Tax & Insurance Advisors, PLLC, we are adhering to state and local guidelines in order to protect both the health and safety of clients and staff. Keeping our clients and staff safe is our highest priority and we’re taking all appropriate measures to ensure a safe environment. Should you prefer to not meet face-to-face, we are continuing to serve our clients through virtual settings such as Zoom or phone calls.

We look forward to continuing to help individuals and families achieve their ideal retirements.

Senior Tax & Insurance Advisors, PLLC
(512) 833-6557

CLOSE

IRS REGULATIONS AND QCDS: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD
Director of Retirement Education
Follow Us on Twitter: 
@theslottreport

Question:

When will the IRS release final regulations for RMDs on beneficiary IRAs?

Kim

Answer:

Hi Kim,

That is a great question. We have been fielding many inquiries about when the final RMD regulations will be released by the IRS. The proposed regulations were released back in February, and a hearing was held in Washington a few months later as required by law. We are still waiting for final regulations, and no one really can say for sure when they will arrive. At the Slott Report, we carefully monitor any news coming out of the IRS, and we will keep you up to date on any developments with final regulations.

Question:

Will RMD distributions paid to charitable organizations as a QCD be counted in income calculations for purposes of IRMAA? RMD distributions that are not QCDs are counted.

Thanks,

Bill

Answer:

Hi Bill,

One of the big benefits of doing a qualified charitable distribution (QCD) is that the funds that go to charity are not included in adjusted gross income for purposes of calculating IRMAA surcharges for Medicare. You are correct that RMDs that are paid to the individual would be included. This can be avoided by using a QCD to take your RMD.

https://www.irahelp.com/slottreport/irs-regulations-and-qcds-todays-slott-report-mailbag

Ready To Take

THE NEXT STEP?

For more information about any of our products and services, schedule a meeting today.

Or give us a call at (512) 833-6557