Depending on your birth year, the IRS requires you to start withdrawing from your retirement accounts once you are 73 or 75— whether you need the money or not. Those withdrawals, called required minimum distributions (RMDs), count as taxable income. And depending on how much you’re required to take, they can affect your tax bracket, your Social Security taxes, and even your Medicare premiums.
What to Know About RMDs and Taxes
How does tax-loss harvesting work?
Selling investments for a profit is good news for your portfolio, but it often comes with an unwelcome side effect: a bigger tax bill. Capital gains can add up fast, and many investors don’t realize there’s a strategy that can help offset them.