There are many planning strategies you can take before the year ends to help potentially reduce your 2022 tax liability and maximize your financial plan as we move into 2023. Most investment-related strategies must be complete by December 31, 2022, so it is important to act now.

As the end of the year approaches, investors over the age of 72 need to ensure they have taken their 2022 Required Minimum Distributions (RMDs).

Don’t forget to take your 2021 RMDs before year-end! Once you reach age 72, you must start taking withdrawals from your traditional retirement accounts to avoid tax penalties.

2 tax-efficient & strategic ways that may help you use/avoid RMDs in the future include:

+ Roth Conversions

+ Qualified Charitable Distributions (QCDs)