The cutoff date for IRA required minimum distributions (RMD) gifts to the STO is December 1st, so don’t wait!
If you are age 70½ or older this year, you must take a 2016 required minimum distribution by December 31, 2016 (December 1, 2016 for STO gifts). You can calculate the amount of your IRA required minimum distribution by using the IRS worksheets. You must calculate the required minimum distribution separately for each IRA that you own other than any Roth IRAs, but you can withdraw the total amount from one or more of your non-Roth IRAs. Remember that you face a 50% excise tax on any required minimum distribution that you fail to take on time. **Please consult your tax professional before making a gift.**