½ to age 72. How does that impact people who were already taking RMDs who were under 72 and how does this impact those who were giving qualified charitable distributions from their IRA?
Those under age 72 who were already taking RMDs:
Those who fit into this category should CONTINUE to take their annual RMDs as scheduled under the original law. The exception is for the year 2020. All RMDs are waived for regular and inherited IRA accounts due to COVID-19.
Those who had been doing QCDs from their IRA:
Fortunately, even though the RMD age was extended to age 72, those who have reached the age of 70 and ½ can do qualified charitable distributions from their IRA account. So once you reach age 70 and ½, you can begin this if you desire. For more information about how QCDs benefit you taxwise, check out our former article HERE.
If you have any questions about RMDs or QCDs, please contact me.