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.
Your 2011 required minimum distribution, or RMD, is based on the account balance(s) at the end of 2010, not 2011. RMDs from IRAs start in the year you turn 70Â½, although account owners were allowed to skip the RMD in the 2009 tax year. Your letter reads like you didn't take a required minimum distribution in the 2010 tax year. You wouldn't have this confusion about the 2011 distribution if you had taken a 2010 distribution.