Financial advisor outlines year-end steps on RMDs and Roth conversions

SAVANNAH, Ga. (WTOC) - Vann Doubleday, a Thrivent financial advisor in Savannah, said people should look at required minimum distributions, charitable giving and Roth conversions as the year ends. Doubleday, who spoke in an exclusive interview with Mike Cihla, said he is not a tax advisor and that the discussion was tax education.Required minimum distributionsDoubleday said money put into tax-deferred retirement plans, such as an IRA or a 401(k), comes with an agreement with the IRS. People agree not to touch the money until they are at least 59½, he said. They also agree to take money out each year, known as a required minimum distribution, or RMD, based on certain ages, he said.The age used to be 70 and was moved to 73, Doubleday said. He said it is now between 73 and 75, depending on a person’s birthday.“They really don’t care what you do with it once you take it out. They just want you to pay taxes on it,” Doubleday said.Charitable givingDoubleday said people can make a qualified c