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Search resuls for: "QCDs"


6 mentions found


☆ For retirees, here's what to do with required withdrawals when you don't need the money
  + stars: | 2024-10-07 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Skynesher | E+ | Getty ImagesFor some retirees, the deadline to take required withdrawals from retirement accounts is approaching — and those who don't need the money have options, experts say. Since 2023, most retirees must take required minimum distributions, or RMDs, from pre-tax retirement accounts starting at age 73. Brokerage assets could be subject to capital gains taxes, whereas pre-tax retirement funds incur regular income taxes. Unlike mutual funds, most ETFs don't distribute capital gains payouts, which can save brokerage account investors on annual taxes. There's no charitable deduction, but QCDs don't count toward adjusted gross income, meaning retirees don't need to itemize tax breaks to claim it.
Persons: Judy Brown, you'll, Berkemeyer, You'll, Karen Van Voorhis, Daniel J, Galli, QCDs, It's Organizations: SC, H, D.C, Abrin, Goodman Financial, Galli & Associates, Galli & Locations: Washington, Baltimore, Houston, Norwell , Massachusetts
☆ 4 ways to maximize your tax break for charitable donations on Giving Tuesday, according to experts
  + stars: | 2023-11-28 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Getty ImagesWhen filing your taxes, you claim the larger of the standard deduction or your total itemized deductions. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. Give profitable assetsWhether you're transferring money to a donor-advised fund or giving directly to a charity, experts recommend sending profitable assets, rather than cash. Bunching donationsAnother way to exceed the higher standard deduction is by bunching donations, which is a popular strategy for donor-advised funds, experts say.
Persons: Juan Ros, Michael Maye, Maye, bunching, Mitchell Kraus Organizations: Financial Management, Financial, MJM Financial, Capital Intelligence Associates Locations: Thousand Oaks , California, Gillette , New Jersey, Santa Monica , California
☆ This tax-smart charitable donation strategy is like 'hitting two birds with one stone,' advisor says
  + stars: | 2023-11-24 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
The strategy, known as qualified charitable distributions, or QCDs, allows retirees to transfer money from an individual retirement account to an eligible nonprofit organization. "It's like hitting two birds with one stone," said certified financial planner Sean Lovison, founder of Philadelphia-area Purpose Built Financial Services. If you're age 70½ or older, you can use a QCD to donate up to $100,000 for 2023. How QCDs provide a tax breakSince 2018, there's been a higher standard deduction, which makes it tougher to claim a tax break for charitable gifts. If you're age 73 or older, QCDs can also cover your required minimum distributions, which otherwise would have boosted income, experts say.
Persons: there's, Sean Lovison, Marguerita Cheng, Kevin Brady, aren't, Ольга Носова Organizations: Blue, Global Wealth, CNBC's, Social Security, Wealthspire Advisors Locations: Philadelphia, Gaithersburg , Maryland, New York
☆ 'You can control your tax reporting destiny.' 4 key year-end tax moves
  + stars: | 2022-12-05 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
While your tax return isn't due until April, several key deadlines are approaching by year-end, experts say. "You can control your tax reporting destiny," said certified financial planner Jim Guarino, a CPA and managing director at Baker Newman Noyes in Woburn, Massachusetts. Since few Americans itemize deductions, it's harder to claim a tax break for charitable gifts. Time Roth IRA conversions with transfers to a donor-advised fundAnother charitable giving strategy, donor-advised funds, may pair well with a Roth IRA conversion, Guarino said. Donor-advised funds act like a charitable checkbook, allowing investors to "bunch" multiple years of gifts into a single transfer, providing an upfront tax deduction.
☆ Why charitable individual retirement account transfers should be the 'first source of giving' for certain retirees
  + stars: | 2022-11-21 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
If you're retired and giving to charity this holiday season, experts say there's a way to trim your 2022 tax bill while supporting your favorite cause. Despite economic uncertainty, the majority of American adults plan to donate similar amounts this year as they did last year, a recent Edward Jones study found. While tax breaks aren't typically the prime reason for giving, retirees may consider using qualified charitable distributions, or QCDs, which are direct gifts from an individual retirement account to an eligible charity. If you're age 70½ or older, you may donate up to $100,000 per year, and it may count as a required minimum distribution if you transfer the money at age 72. While the maneuver doesn't provide a charitable deduction, you may see other significant tax benefits, financial experts say.
☆ Here's how advisors are helping clients slash their 2022 tax bill
  + stars: | 2022-10-03 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
However, lower account balances may provide two opportunities: the chance to buy more shares for the same dollar amount and possible tax savings, depending on how much you transfer. And the tax savings may be compounded for investors during lower earning years, experts say. We regularly discuss Roth conversions for retired clients who haven't started taking Social Security yet because their incomes are temporarily low. "By doing a Roth conversion this year, she'll be able to turn a hard situation into massive tax savings," he said. But depending on your taxable income, you may also benefit from a lesser-known move known as "tax gain harvesting."
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