QUALIFIED CHARITABLE DISTRIBUTIONS TO LOWER RMDS

If you are over age 70½ a certain amount of your yearly required minimum distributions (RMDs) can become tax-free by making a qualified charitable distribution (QCD). Up to $100,000 of your annual RMD may be distributed directly to a 501(c)(3) public charity. This strategy may make sense if you take the standard deduction on your taxes and aren’t able to write off charitable donations. The amount you give also reduces your adjusted gross income, potentially limiting taxes on Social Security and surcharges on Medicare. We’re here to work with you on strategies for your RMDs and tax planning. Contact us today!