There are new rules for Required Minimum Distributions (RMD) beginning in 2023. The new SECURE ACT 2.0 has increased the age for RMD’s to age 73. So if you turn 72 in 2023 or later then you have the ability to delay your RMD to the year you turn 73. In 2033 the RMD age is scheduled to increase to age 75.
If you are subject to RMD’s and do not have a need for the income and are interested in reducing your taxes a Qualified Charitable Distribution may be something to think about. With a Qualified Charitable Distribution you can make a direct transfer from your IRA to a qualified charity. These distributions can count towards your RMD, you are not taxed on the distribution and they do not count as income. This may be helpful for individuals who do not need income and are bumping up against the Medicare Part B Premium earning limits.