It sounds as if you would have been better off to have contributed say $500 to a charity of your choice last year.Did your tax adviser do a good job for you?Of course when you made the decision to take the distribution, did you adviser consider all aspects? You probably could have spread distributions over as many as five years to avoid these problems.I know, many of us seem to find out this stuff the hard way. The rules are so complex. And there are many aspects to it all.And by the way, they talk about "means testing" for medicare and then you find out you get penalized by quite a bit already if you have a high income year. What is this means testing stuff all about? News reports seem never to mention the penalties already in place.
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