Welcome back to the Dollar Wise Podcast. Jason Gabrieli is joined by Andrew Barnhardt from the HFM team as they explore tax strategies related to charitable giving, focusing on the benefits of Qualified Charitable Distributions (QCDs) from IRAs. The discussion covers how changes in the tax code impact charitable deductions, who can benefit from QCDs, and key considerations when planning your charitable contributions. This episode is designed to help listeners optimize their charitable giving while maximizing tax benefits.

Tune into this episode to also learn:

• How changes in the standard deduction impact your charitable contributions.
• The eligibility criteria and benefits of making a Qualified Charitable Distribution.
• Strategic planning for minimizing required minimum distributions (RMDs) through charitable giving.
• Common pitfalls and best practices when executing QCDs.

• [00:02:00] The impact of the Tax Cuts and Jobs Act of 2017 on charitable contributions and tax deductions.
• [00:03:00] Introduction to Qualified Charitable Distributions (QCDs) and their benefits.
• [00:05:00] Eligibility for QCDs and the age requirements for taking RMDs.
• [00:07:38] How QCDs can satisfy RMDs and reduce taxable income.
• [00:09:00] Planning strategies for using QCDs to reduce future RMDs.
• [00:11:16] Important considerations and limitations when using QCDs.

1. Qualified Charitable Distributions (QCDs) allow you to give to charity while avoiding the taxes typically associated with IRA withdrawals.
2. QCDs can be used to fulfill required minimum distributions (RMDs) without increasing your taxable income.
3. Always ensure QCDs are sent directly to the qualified charity to satisfy IRS requirements and keep detailed records for tax purposes.

Connect with Jason Gabrieli: [email protected] | LinkedIn

Connect with Andrew Barnhardt: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite