I’m 80 and my RMD is $300,000. What the heck am I supposed to do about my huge tax bill?
1. An 80-year-old faces $300,000 required minimum distributions from a $6 million IRA. 2. High RMDs could mean significant taxes, especially in upper tax brackets. 3. Roth conversions might be beneficial despite higher immediate taxes. 4. Qualified charitable distributions can help reduce taxable income effectively. 5. Legacy planning is crucial to optimize tax burdens for heirs.