Inherited IRA 5 year payout, its year 5, Yikes!
Taxpayer is 48 years old.
Looking for options to minimize the tax bite.
Other than increasing deductions like charity, is there anything else I should consider?
thanks
Dean
Taxpayer is 48 years old.
Looking for options to minimize the tax bite.
Other than increasing deductions like charity, is there anything else I should consider?
thanks
Dean
Permalink Submitted by Alan - IRA critic on Fri, 2019-11-08 03:03
Are you sure taxpayer is subject to the 5 year rule? Did he inherit through an estate? If so, possibilities to reduce 2019 taxable income are charitable contributions or taking advantage of any other itemized deductions if he can itemize, tax loss harvesting, and while the year is almost over, increasing any workplace retirement plan pre tax contributions.
Permalink Submitted by Dean Mioli on Fri, 2019-11-08 14:52
Son inherited from parent, son is 48 years old. Will confirm if 5 year year is applicable. Agree regarding ramping up deductions. Thank you