Liz Bechtel, CPA’s Post

Did you know that a Qualified Charitable Distribution (QCD) from your IRA can help reduce your taxable income? If you're eligible, you can donate up to $100,000 (or $200,000 if you're married and filing jointly) directly to an IRS-approved charity without it counting as taxable income. Make sure your QCD is processed correctly by working with your IRA custodian. Contact us today to learn more. https://lnkd.in/eDD94npF #TaxStrategy #TaxTips #YearEndTaxPlanning

Did you know? If you were age 70.5 or older, and you made donations last year DIRECTLY from your IRA to a charity (known as a Qualified Charitable Distribution), the 1099-R you’ll receive from your investment custodian won’t designate them as QCDs. The 1099-R will show them as normal distributions, and so there’s a danger that you’ll be taxed on them, despite the fact they were charitable contributions. Therefore, MAKE SURE you tell your tax preparer about the QCDs. If you don’t, you’ll pay tax on the amount withdrawn for that purpose, which wipes out the benefit of donating in the form of a QCD.

Did you know? If you were age 70.5 or older, and you made donations last year DIRECTLY from your IRA to a charity (known as a Qualified Charitable Distribution), the 1099-R you’ll receive from your investment custodian won’t designate them as QCDs. The 1099-R will show them as normal distributions, and so there’s a danger that you’ll be taxed on them, despite the fact they were charitable contributions. Therefore, MAKE SURE you tell your tax preparer about the QCDs. If you don’t, you’ll pay tax on the amount withdrawn for that purpose, which wipes out the benefit of donating in the form of a QCD.

QCDs lower taxes and Medicare taxes if in that age group. You can start the day after you are 70.5! I will. Estate planning “is more than a will.” Speak to your tax advisor or financial advisor today. If in the RMD space (73), QCDs should be considered. See your tax advisor!!

Thinking of making a Qualified Charitable Distribution (QCD) from your IRA? Make sure you meet these three key requirements first: 1. You must be age 70 and a half or older at the time of distribution. 2. The donation must go directly from your IRA to the charity- no detours through your bank account. 3. The 2024 QCD limit is $105,000 per person, and it can count toward your Required Minimum Distribution (RMD). Following these rules could mean tax-free giving! 

Did you know that a Qualified Charitable Distribution (QCD) from your IRA can help reduce your taxable income? If you're eligible, you can donate up to $100,000 (or $200,000 if you're married and filing jointly) directly to an IRS-approved charity without it counting as taxable income. Make sure your QCD is processed correctly by working with your IRA custodian. Contact us today to learn more. https://lnkd.in/eR6uz3bi #TaxStrategy #TaxTips #YearEndTaxPlanning

The Qualified Charitable Distribution (QCD) allows donors 70.5 years or older to make a tax-free transfer of up to $105,000 from a traditional or Roth IRA to a qualified charity like The Catholic Foundation. An IRA rollover can take up to a month to process, so now is the ideal time to start your year-end giving. Download our FREE Smart Giving Guide to get tips on strategies to maximize your impact while minimizing your tax burden before the end of the year. https://lnkd.in/dfCXGhX5

Do you donate to charitable foundations and causes? If so, it can be a useful part of your tax plan as well, but only if you understand HOW charitable donations actually work on your tax return (they are most often an itemized deduction). In this video, we are demonstrating an example of when your donations may NOT result in a tax-deduction.

Looking to reduce your taxable income while supporting a charity? If you’re 70 ½ or older, a Qualified Charitable Distribution (QCD) from your IRA might be the solution. With a direct transfer to an IRS-approved charity, you can fulfill your required minimum distribution and keep the distribution out of your taxable income. https://ow.ly/MQYV50TFbI6 Contact us to ensure everything is handled smoothly before year-end. #CharitableGiving #TaxStrategy #RetirementPlanning

Looking to reduce your taxable income while supporting a charity? If you’re 70 ½ or older, a Qualified Charitable Distribution (QCD) from your IRA might be the solution. With a direct transfer to an IRS-approved charity, you can fulfill your required minimum distribution and keep the distribution out of your taxable income. https://ow.ly/ityk50TFbI5 Contact us to ensure everything is handled smoothly before year-end. #CharitableGiving #TaxStrategy #RetirementPlanning