Has there been any more information on the age extension of mandatory IRA withdrawals from age 70-1/2?????
I hope we can do away with it and take what we need as we need it. I have to start drawing mine out in January.
All I’ve been able to find is that the tax plan passed by the House will rejigger the actuarial tables, and increase the withdrawal period for 2 or 3 more years. Not much, but something. I’ve not seen anything in writing that would curtail the 70 1/2 provision, except for IRAs less than 50K.
The three tax bills would lock in the recent cuts, end RMDs for accounts with less than $50,000, expand MEPs and ease rules for startups.
You’ll want to take a look at Qualified Charitable Distributions (QCD). That will ease some of the tax bite from you IRA/401K.
How to Reduce Your Taxes and AGI by Giving to Charity
They should allow up to 2% withdrawal annually tax free to pay for education.