gross income may potentially help to reduce taxation on your Social Security benefits, mitigate the Medicare high income surcharge, or help you leverage deductions for medical expenses. 4. Use your RMD to simplify tax payments. • You can ask your IRA custodian to withhold enough state and federal taxes from your RMD to pay your entire tax bill on all of your income sources for the tax year. This may save you the hassle of making quarterly estimated tax payments and can help you avoid underpayment penalties. If you have further questions, we invite you to schedule a meeting with one of our experienced Trust and Wealth Management Officers by calling 1-800-899- 8858. We look forward to serving you as your trusted advisor. Upcoming Trust and Wealth Management Event Estate Planning Basics and Helpful Tips* Virtual Event Thursday, September 21 at 12:00 pm Hills Bank Trust Officer Logan Lewis will provide helpful tips on the things you should think about as you complete or update your estate plan. To register, email Lexi Mendoza, Associate Wealth Management Officer, at Lexi_ Mendoza@HillsBank.com. *Some services and products include investments that are not FDIC insured, carry no bank guarantee, and may lose value
25
Made with FlippingBook - Online catalogs