IRA
i am taking RMD from my IRA. if i want to continue my spouse and my subsequant beneficieries just to take RMD how do i acheive or plan. we and my adult kids this is added income .Any QCD OR CHARITABLE donation will be better to reduce tax burden?
Permalink Submitted by Alan - IRA critic on Tue, 2024-01-23 16:03
If you will be donating, a QCD is the most tax efficient way to do it as a QCD will reduce your RMD taxable income. You must be 70.5 to qualify for QCDs, and your beneficiaries must also be 70.5 and cannot use a QCD to offset any beneficiary RMD prior to reaching 70.5. If your spouse inherits your IRA, your spouse can also do QCDs if over 70.5. A written acknowledgement from the charity is required. A QCD cannot be made to a donor advised fund or private foundation.