Popular Answers. Going by the literary meaning of the mitigation it says âthe actions taken to reduce the severityâ while that of adaptation means that âresponsive adjustment to an environmental conditionâ.
Avoid two withdrawals in the same year. If you turned 70Â½ in 2014, you need to take a required minimum distribution from your retirement accounts by April 1, 2015. Your first required minimum distribution is due by April 1 of the year after you turn 70Â½, but subsequent distributions are due by Dec. 31 each year. If you delay your first required minimum distribution until April, you will need to take two distributions in the same year, which could result in an abnormally high tax bill.
For example, if your 2014 required minimum distribution was $10,000, and you made a $5,000 qualified charitable distribution for 2014, you would have had to withdraw another $5,000 to satisfy your 2014 required minimum distribution.