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 permit this exception and you don’t own more than 5% of the business. RMD rules are in IRS Publication 590-B. (The 2019 edition isn’t available yet, but the information is the same.) 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.
Note: The Guide to Self-Employment (2nd edition) and both tax books for 2020 are NOW available on Amazon!