Hello everyone, today we are talking about how to manage required minimum distributions in IRA accounts. This is a great example of why you need a good team, and a tax professional that works well with your financial advisor.
A lot of you may not know this, but there are ways you can defer taxes on a distribution that most people think you have to take all of right now. There are many ways to manage required minimum distributions from an IRA account. One way is to defer a portion of your taxations of those distributions until your 85th birthday.
Deferring a portion of your taxes on your required minimum distribution is not only an effective way of tax planning, but another reason why you want your team working with your tax specialist. You want your tax specialist and financial advisor communicating about your specific needs, income, and the benefits you may receive from deferring some of your required minimum distributions until your 85th birthday.
If you have any questions about this topic or anything else, feel free to give us a call or send us an email. We look forward to hearing from you!
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