There are only three months left in 2022, here are some year-end planning ideas for you to consider.
- Review your federal income tax withholding. There is still time to adjust the withholding on you or your spouse's paycheck.
- Take advantage of a Roth Conversion while the income tax rates are still low by converting your Traditional IRA to a Roth.
- If you're age 70 1/2 or older, consider making a Qualified Charitable Distribution from your IRA directly to a charity. Qualified Charitable Distributions from an IRA will directly reduce your taxable income.
- Take your 2022 Required Minimum Distribution (RMD) if you're 72 or older. If you are a beneficiary of an Inherited IRA or Inherited Roth IRA, you may be subject to the RMD based on the new IRS rules.
- Review the beneficiaries on your IRA/Roth IRA accounts and insurance policies. This should be done annually.
Email me at tclark@clarkfs.com to discuss any of the above year end planning considerations.