If you are 72 or older by year end, do not forget to distribute your Required Minimum Distribution (RMD) from your IRA for 2022 prior to year-end. If you are concerned your income may be higher than planned and do not need the RMD for cashflow, consider making a Qualified Charitable Distribution.
A Qualified Charitable Distribution is a distribution from an IRA owned by an individual who is age 72 or over that is paid directly from the IRA to a qualified charity. Without the charitable gift, the RMD would be ordinary income; however, by distributing the money to a qualified charity you will directly reduce the taxable portion for the RMD while satisfying the distribution requirement.
