QCD Rules & Facts to Reduce Your Taxes & Adjusted Gross Income
Here’s a win-win: Direct some of the income from your required minimum distributions (RMDs) to charity. The charity wins by receiving your contribution, and so do you, because you’ve lowered your adjusted gross income. Here’s everything you need to know about using the qualified charitable distribution (QCD) to reduce your taxes by lowering your adjusted gross income (AGI). If you have tax-deferred retirement accounts, and you’re older than 72 (or if you were 70.5 before December 31, 2019, thanks to the SECURE Act), then you’re required to distribute (or withdraw) a certain amount of funds from your accounts each year. Read More