As our golfer friends say, time is running out for a mulligan on any IRA distributions that were required by 12/31/12. The fiscal cliff law signed by the President on January 2 has a retroactive provision that could help you out of a jam if you forgot to take a RMD (required minimum distribution) from your IRA in 2012. If you transfer the RMD directly to a charity by January 31 of 2013, you’ll be deemed to have met the required distribution and avoid the 50% penalty that the RMD error triggers! Questions on what a RMD is or how to calculate it? Help is one mouse click away!
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
- Tax Reform in picture format:
Our infographic explains 10 key elements of tax reform- November 9, 2018
- What happens when the heirs lose the Will?:
Here's what one family was forced to do.- September 25, 2018
- IRS Amnesty Program ends September 28!:
Non-reported foreign bank accounts will cost you dearly- September 24, 2018