Using Charitable Distributions to Lower Your Taxes
There is a little-known strategy that can significantly keep your retirement taxes down: using Qualified Charitable Contributions (QCDs). To understand how to implement this strategy, you also need to understand how Required Minimum Distributions (RMDs) work, so I’m breaking down both of these things today. Listen in to hear how you can reap the rewards of the ripple effect this strategy can have on your overall bottom line.
I’ll be talking about the acronyms and sharing what you need to know to utilize the QCD and RMD strategy to your benefit. You’ll learn what you should be aware of before you implement QCDs and how this strategy can have a positive effect on other areas of your financial well-being.
Listen to the Full Episode:
What You’ll Learn About Charitable Distributions In Today’s Episode:
- When you are required to start taking distributions.
- How QCDs and RMDs work together.
- When to implement this strategy.
- The things to remember before using this strategy.
Ideas Worth Sharing:
“Frankly, they just want their tax revenue off of it.” – Jonathan Bednar
“This is also good for people that have that philanthropic mindset.” – Jonathan Bednar
“You hold your income down, you satisfy the charitable gift, and you satisfy the RMD.” – Jonathan Bednar
Resources In Today’s Episode:
- Jonathan Bednar: Email | Twitter | LinkedIn
- What The Wealth?! by Jonathan Bednar
- Visit our blog for more information on important financial topics here!
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