If you are at least age 70½ by the end of this year or you inherited an IRA or qualified retirement account benefits, don’t forget to take your required minimum distribution (RMD) before the end of the year. There’s no RMD for qualified retirement plans for those still employed beyond this age if the plans permits this exception and you don’t own more than 5% of the business. RMD rules are in IRS Publication 590-B. Note: If you’re age 70½, you can transfer funds from your IRA to a public charity up to $100,000 tax free; it counts toward the RMD, but no charitable deduction can be claimed.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
Footer
It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health