Podcasts about qcds

Don tackles a stack of listener questions in this rapid-fire Friday Q&A, covering what a financial plan should cost, how tipping might work in a cashless future, and how to fine-tune a retirement portfolio with Avantis funds. He also addresses important estate planning steps after a death, how to use QCDs with inherited IRAs, and whether AUM fees are worth it compared to hourly planners. Along the way, he reflects on why he still manages his own money—and maybe shouldn't. 0:04 Intro to Friday Q&A and how listener questions are selected 2:12 What should a detailed retirement plan cost? Median price range explained 4:33 How will we tip in a cashless society? From bellboys to Bitcoin to Apple Pay 7:39 Listener portfolio check: 85% AVGE, 10% AVUV, 5% AVDV—too tilted? 11:36 Credit after death: Should an executor notify the credit bureaus? Yes—and how 13:45 Inherited IRA RMD workaround: Can QCDs help avoid taxes before age 70½? 17:02 AUM fees vs. flat-fee advisors: Is paying more for more assets fair? 25:51 Why Don still manages his own money (for now)—inertia, taxes, and habits Learn more about your ad choices. Visit megaphone.fm/adchoices

Hosted By: Joe Bert CFP® & Nancy Hecht CFP® Joe Bert CFP® and Nancy Hecht CFP® take your calls and provide expert answers to your questions on NEWS 96.5 FM. Submit your questions to:  1-844-220-0965 Joe@FinancialGroup.com •  Nancy@FinancialGroup.com   The post QCDs: The Tax-Smart Way My Clients Are Giving Back appeared first on On The Money Podcast.

A tax tidal wave is coming — are you prepared? In this high-stakes episode of Wisdom to Wealth, The Retirement Professor exposes the looming 2025 tax code sunset and what it could mean for your retirement, your business, and your family legacy. From disappearing deductions and vanishing credits to surprise tax hikes for high earners — this isn't speculation. It's the writing on the wall. You'll discover: Six critical tax changes that could upend your financial strategy Why Roth conversions and QCDs may be your best move in 2024 How to protect your retirement income and legacy from being drained by Uncle Sam Real-life client stories and strategies already in motion This is your early warning system — and your action plan. Don't wait until next April to realize you missed the window. Tune in, take notes, and take control.

Tom and Roxy Butner to co-host a packed episode of Talking Real Money, tackling the ever-elusive "magic number" for retirement with a healthy dose of realism, humor, and data. They dig into a Northwestern Mutual study that shows Americans lowering their retirement savings goals—even as confidence continues to slip. Roxy breaks down why retirement planning is all about cash flow, not some mythical lump sum. They field questions on company stock in 401(k)s, bonus check strategies, RMD tax strategies, and how to get young people started right. From Monte Carlo analysis to Roth IRA advantages, the duo bust myths and offer practical steps listeners of all ages can act on today. 0:04 Tom introduces Roxy and the episode's core question: “Do I have enough to retire?”1:01 Why the idea of a single “magic number” is misleading and varies by lifestyle2:41 Roxy: $600k may be enough—or $3M might not be; it's all about cash flow4:32 Despite lowering their goals, only 51% believe their retirement plan will work6:15 Roxy explains Monte Carlo analysis and why asset type (Roth vs. pre-tax) matters7:31 Why tracking actual spending matters more than estimates before retirement8:32 Caller: Should we sell the company stock in my wife's 401(k)?9:18 Tom warns of overconfidence and stock concentration risk, citing WaMu collapse10:45 Roxy and Tom agree: diversify ASAP—don't let company loyalty cloud judgment12:14 Historical cautionary tales on once-great companies that fell apart13:26 Regional bias: How geography skews investor confidence in local companies14:46 Caller: What to do with a $20k bonus after maxing out the 401(k)?16:11 Roth IRA contribution options for him and his wife, and the 5-year rule18:10 Bonus: Enhanced catch-up contributions for ages 60–63 explained20:31 Caller asks about RMDs, tax planning, and long-term care deductions21:53 Only qualified charitable distributions (QCDs) avoid tax on RMDs23:24 Roth contributions early in life can lead to massive long-term advantages24:47 Caller asks about a bond fund change in her HRA and 60/40 portfolio safety29:45 Why “safe” is the wrong word—know your plan, goals, and risk tolerance31:13 Caller wants her daughter to connect with Roxy for help managing her paycheck32:54 Yes—Roxy helps young clients with budgeting and financial foundations34:31 Why early saving and simple investing in your 20s is so powerful36:09 Tom announces upcoming trip to Portland and free portfolio reviews37:08 Final notes: building trust, long-term planning, and why they love the work Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Dollars & Sense, financial expert hosts Joel and Christina delve into the complexities of tax season and share the top 10 tax trouble spots that individuals face. They discuss critical issues such as the taxation of social security, where increased income can lead to higher taxes on these benefits, and the Premium Tax Credit (PTC) recapture related to the Affordable Care Act, which can result in significant repayments if income approximations are incorrect. 

Smart Gifting Strategies: How to Maximize Your Tax Deduction While Supporting Causes You Love At AIO Financial, many of our clients want to do more than just grow their wealth—they want to give back. Whether you're already supporting charitable causes or considering a donation this year, there are smart, strategic ways to give that can increase your impact and reduce your taxes. In this blog (and podcast episode), we'll explore how you can: Get a tax deduction by donating appreciated stock Satisfy your Required Minimum Distribution (RMD) with a charitable gift Use a Donor-Advised Fund (DAF) to bundle your giving Support high-impact, transparent charities aligned with your values Let's look at how to make your giving go further—for your community and your financial plan. Why Strategic Giving Matters With the standard deduction currently high ($14,600 for individuals and $29,200 for married couples in 2024), many people don't benefit from deducting charitable donations unless they itemize. But that doesn't mean your giving can't also help you reduce taxes. By using strategies like appreciated stock donations, QCDs, and DAFs, you can: Lower your taxable income Avoid capital gains taxes Give in a more impactful, intentional way Let's break it down.

In this episode, Ryan unpacks a listener question that's becoming increasingly common: What should I do about my RMDs if I'm still working at 74 and contributing to my 401(k)? Required Minimum Distributions (RMDs), and the tax penalties for missing them, can catch even the most financially prepared retirees off guard, especially those still working into their 70s. Here's what we discuss in this episode:

Americans do a lot of giving, and often, that giving mindset doesn’t change when you stop working. In retirement, there are efficient ways to give that some take advantage of. In fact, Kristin shares how one woman made her qualified charitable distribution (QCD) goals come to life despite some paperwork obstacles. Need a little help getting organized? Download a FREE copy of Legacy’s My Retirement Kit to help you get organized.See omnystudio.com/listener for privacy information.

In this episode, we break down the common misconception that tax deferral is the same as tax savings—spoiler alert: it's not. We discuss how strategies like funding retirement plans, loss harvesting, and depreciation only push taxes into the future, while true tax savings come from tools like QCDs, business deductions, and Roth account growth. We explore when deferring taxes makes sense, and when it might actually cost you more in the long run.   As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you're interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.   Resources: 20/20 Money Membership Information OD Masterminds Information Request The Augusta Rule 20/20 Money Episode #319 – Year-End Tax Planning Concepts & Strategies to Minimize Tax Stress with JR Armstrong, CPA   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

In this episode, Josh Nelson talks about Qualified Charitable Distribution which is a direct transfer of funds from your IRA to a qualified charity. Unlike regular withdrawals from your IRA, which are almost always taxable, QCDs allow you to donate money tax free. To help understand he answers 2 important questions. 1) Can I take an itemized charitable deduction for my QCD on my income taxes? 2) How do I set this up? Instagram: https://www.instagram.com/keystonefin/Twitter: https://twitter.com/Keystone_Fin?advisorid=33004651Contact Josh Nelson: https://www.keystonefinancial.comContact Jeremy Busch: https//www.keystonefinancial.comPodcast Editing: Tim Leaman/info.primegen@gmail.com

In today's episode of Money Mastery Unleashed, I'm walking you through the seven best strategies to lower your taxes in retirement—proven methods I've personally used to help dozens of clients save thousands of dollars. If you've ever felt overwhelmed or unsure about how to reduce your tax burden in retirement, this episode is for you. Most people simply haven't been educated on these strategies, and many assume this critical financial knowledge is only accessible to the ultra-wealthy. But here's the good news: I'm breaking it down for you step-by-step so you can start implementing these strategies immediately. Whether it's leveraging Roth IRAs and Roth 401(k)s, taking advantage of new Roth matching contributions, maximizing your Health Savings Account (HSA), or exploring powerful tools like Roth conversions, you'll discover actionable techniques to keep more of your hard-earned money in retirement. We'll also dive into life insurance retirement plans for tax-free income, how to strategically claim Social Security to optimize your benefits, and the often-overlooked qualified charitable distributions (QCDs) and qualified longevity annuity contracts (QLACs) to minimize required minimum distributions (RMDs) and lower your taxable income. If you've been saving your entire life but are now concerned about rising tax rates eating away at your retirement income, these strategies are game-changers. Don't let a lifetime of hard work get eroded by poor planning—take control of your financial future today. Ready to lower your taxes in retirement? Click the link in the description to schedule a free consultation with me or one of our advisors. Together, we'll craft a retirement plan tailored to your specific needs and goals. Don't miss this episode packed with actionable insights—tune in, take notes, and start building your tax-efficient retirement today. For more resources and tips, check out the additional episodes and tools available on my website. Let's get you the tax-free retirement you deserve. “Roth conversions are about taking control—pay taxes today so you can enjoy tax-free income tomorrow.” - Adam Olson What you will learn: Contribute to Roth IRA & Roth 401(k) Maximize Health Savings Account (HSA) Implement Roth Conversions Strategically Claim Social Security Learn more about Adam Olson by visiting the following links: Facebook Personal Website Business Website -- Investing involves risk, including loss of principal.    Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.  Any strategies discussed may not be suitable for everyone.  Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.  Adam Olson, Representative.  Mutual of Omaha Investor Services is not affiliated with any entity listed herein.  This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product. Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties.  Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.

Listener Q&A where Andy talks about: Can Donor Advised Funds ("DAFs") be funded with pre-tax IRA money ( 2:22 )How to do a backdoor Roth IRA contribution and avoid the pro rata rule if you have pre-tax funds in other IRAs  ( 5:46 )What are the must have important things to address and get right in retirement planning, vs what are nice to have optimization things ( 10:51 )How come most flat fee advisors don't work with clients with net worth in excess of $10 million ( 19:50 )How to invest excess money in taxable brokerage accounts ( 26:21 )Can funds or investments in taxable brokerage accounts be exchanged in-kind with others to avoid consequences ( 30:07 )Why is the 10-year Treasury bond used as a benchmark for many fixed income products, and why do bond prices change when interest rates change ( 32:49 )How to know if you're over-saving ( 38:27 )Thoughts about timing in when you take distributions vs doing Qualified Charitable Distributions ("QCDs") to satisfy Required Minimum Distributions ("RMDs") ( 41:51 )My thoughts on crypto assets ( 46:29 )To find an "advice only" advisor - www.AdviceOnlyNetwork.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Gene and Alyssa answer questions: TurboTax gave him the wrong tax calculation until they fixed the program! He asks if he can use QCDs and also deduct those contributions?  (Sorry – no double dipping) She is 82 and asks if it would be a good idea to spend down her IRA to help her son? Senior center workshop on estate planning raises more questions than it answered?  And we are still feeling very, very blessed Free Second Opinion Meetings Meet with a More than Money advisor to review your entire financial picture or simply project your retirement Meet with our Social Security partner to plan the best S/S strategy for you Meet with our estate planning attorney partner to review your estate plans – if you have any Meet with our insurance partner to review your life or long term care coverages Discover how to have your 401(k) professionally managed without leaving your company plan Schedule a free second opinion meeting with a More than Money advisor? Call today (610-746-7007) or email (Gene@AskMtM.com) to schedule your time with us.

In this episode of 'Retire with Style', hosts Alex Murguia and Wade Pfau discuss significant updates in retirement planning for 2025, including changes to Medicare Part D, Social Security benefits, required minimum distributions (RMDs), and new catch-up contribution limits. They also explore the implications of inflation adjustments on qualified charitable distributions, longevity annuities, and the impact of increased real interest rates on retirement funding. The episode concludes with an announcement of an upcoming webinar focused on retirement spending strategies. Listen now to learn more! Takeaways The new $2,000 cap on out-of-pocket spending under Medicare Part D simplifies healthcare cost planning. Elimination of the windfall elimination provision enhances Social Security benefits for certain retirees. Clarified RMD rules for inherited IRAs require annual distributions for non-spouse beneficiaries after the owner's required beginning date. Catch-up contributions for those aged 60-63 have increased, allowing for greater retirement savings. Qualified charitable distributions (QCDs) have increased to $108,000, providing tax benefits for charitable giving. Real interest rate assumptions have improved, making it easier to meet retirement funding goals. The funded status of retirement plans is positively impacted by higher interest rates, reducing future liabilities. The upcoming webinar will address how much retirees can spend based on updated financial planning strategies. Retirees should adjust their financial plans to incorporate these significant 2025 updates. Understanding these changes is crucial for effective retirement planning and maximizing benefits. Chapters 00:00 Introduction and Updates 03:37 Medicare Part D Changes 07:50 Social Security Updates 12:32 Required Minimum Distributions (RMDs) Clarification 17:46 Catch-Up Contributions for Retirement Plans 20:09 Qualified Charitable Distributions and Longevity Annuities 23:55 Interest Rate Assumptions and Retirement Planning 29:07 Webinar Announcement and Financial Planning Adjustments 34:08 Conclusion and Future Plans Links Want to know more about Wade's updated Retirement Planning Guidebook? Register to attend Retirement Researcher's FREE Webinar, "How Much Do I Need to Retire?" hosted by Wade Pfau on Feb. 4th, 2025 at 2PM ET. Click to register and reserve your spot today: risaprofile.com/podcast  To celebrate the latest update of the Retirement Planning Guidebook, we are hosting a GIVEAWAY! Enter for your chance to win a signed copy of the 2025 Revised  - Retirement Planning Guidebook and a Retirement Researcher T-Shirt! There will be 3 separate winners. The giveaway closes on February 4th. https://bit.ly/40VlPqp The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

A key aspect of planning is finding ways to be as efficient as possible with your money and one great example of that is charitable giving. It's something that many people care a lot about and if we can help them do that with more efficiency, it's a win-win for everyone. That's why this episode of the Money Wisdom podcast with Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP®, is all about donor advised funds and qualified charitable distributions (QCDs). These financial tools are gaining attention for their ability to offer significant tax benefits while enhancing charitable giving and we'll break down what you need to know. Here's what we discuss in this episode: 0:00 – Intro and question 0:42 – Defining donor advised funds 2:00 – When would you use this? 4:54 – QCDs Join us for our next financial workshop to learn about these strategies and more. Text WORKSHOP to 800-757-0436 to reserve your spot today. Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/  Check us out on YouTube: https://bit.ly/3CcAzai    

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the strategies and rules surrounding common deductible charitable gifts in 2025. As the new year begins, many individuals are setting charitable giving goals while seeking to maximize their tax benefits. From understanding adjusted gross income (AGI) limits to choosing between donating cash, appreciated assets, or qualified charitable distributions, this episode walks you through everything you need to know to make informed decisions.Listen in to learn about the tax benefits of donations, the importance of choosing the right type of gift, and how to align your charitable goals with your overall retirement plan. Whether you're donating cash, assets with capital gains, or making qualified charitable distributions, Radon and Murs provide practical advice to help you navigate these options effectively.In this episode, find out:· The benefits of donating cash and how AGI limits affect tax deductions.· How to use donating appreciated assets to avoid capital gains taxes while gaining deductions.· The rules surrounding qualified charitable distributions (QCDs) for individuals over 70½.· How to leverage long-term and short-term capital gains in your charitable giving strategy.· The impact of the 2025 standard deduction on itemizing charitable deductions.Tweetable Quotes:· "Charitable giving isn't just about generosity; it's about maximizing impact and minimizing taxes." – Radon Stancil· "Understanding AGI limits can turn charitable donations into powerful tax-saving tools." – Murs TariqResources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Patrice Bening to discuss how to strategize distributions when inheriting IRAs, complexities introduced by Secure Act changes in 2020, and what to know for 2025.Here are some key takeaways from their conversation:- In 2020, Secure Act 2.0 made it so non-spouse beneficiaries must fully deplete inherited retirement accounts (traditional or Roth IRAs) within 10 years, instead of stretching distributions over their lifetimes.- Starting in 2025, individuals who inherited IRAs after January 1, 2020, must begin taking annual RMDs within the 10-year window.- Beneficiaries need to consider their income levels, tax brackets, and financial plans when deciding how much to withdraw annually to minimize taxes and maximize financial benefits.- Spouses have unique flexibility, such as rolling an inherited IRA into their own account to delay RMDs or treating it as an inherited IRA to access funds penalty-free.- Minors who inherit IRAs can use their life expectancy for withdrawals until turning 18, after which the 10-year rule applies. Withdrawals can impact eligibility for student aid or repayment plans.- Individuals aged 70.5 or older can make qualified charitable distributions (QCDs) directly from inherited IRAs to reduce taxable income while fulfilling RMD requirements.- Failing to take an RMD incurs a 25% penalty, which can be reduced to 10% if corrected within two years. Beneficiaries must stay on top of annual distribution requirements. 

The world is becoming more complex every day. Technology solves problems and creates new ones. How do you keep up?Among so many other things today, maybe you've noticed that managing your finances is increasingly complicated and involves more than balancing a checkbook. Sharon Epps joins us today with some much-needed advice—the 5 Ds of a Financial Reset.Sharon Epps is the President of Kingdom Advisors, FaithFi's parent organization. Kingdom Advisors serves the broad Christian financial industry by educating and equipping professionals to integrate biblical wisdom and financial expertise.1. Define Your Financial VisionThe first step in a financial reset is to Define your standard of living. This goes beyond just wanting financial health; it's about understanding your deeper motivations. What is your “why”? The Bible reminds us in John 10:10 that Jesus came so that we might have life and have it abundantly. This abundant life isn't about wealth but about living a life full of peace and purpose. Define what that means for you and let it guide your financial decisions.2. Declutter Your Life and FinancesNext, it's time to Declutter—and not just your finances but your physical space as well. Spend a weekend going through your home, room by room, asking yourself if each item is still useful. If you haven't used something in the last year, consider selling it or giving it away. Decluttering your home can go a long way toward decluttering your life, making space for what truly matters.3. Delay Impulse PurchasesThe third step is to Delay your impulse purchases. Create a list of things you want to buy and note the date next to each item. Commit to waiting 30 days before making any purchase. More often than not, you'll find that you didn't really need or want the item after all. This simple habit can help you make more intentional spending decisions.4. Detect Spending HabitsThe fourth “D” is Detect. For 30 days, track all your spending and review your expenses. With today's technology, this process is easier than ever since most of us rarely use cash. You can quickly review your bank and credit card statements online. As you do this, ask yourself what you would change. The FaithFi app is an excellent tool for this. It allows you to combine all your accounts in one place and helps you and your spouse stay on the same page regarding your finances.5. Decide on Your Spending and Giving PlansFinally, it's time to Decide on your financial future. Overhaul your budget, check your priorities, and decide where your money will go. Make “giving” an essential part of your budget. Consider where you can cut expenses to be more generous, whether to your church or a ministry you're passionate about. This step is about re-establishing your priorities and returning to the basics—financially and spiritually.The “5 Ds of a Financial Reset” offers a practical and spiritual approach to managing your finances in today's complex world. By defining your financial vision, decluttering your life, delaying impulse purchases, detecting spending habits, and deciding on your budget, you can regain control of your finances and realign them with your spiritual values. Remember, tools like the FaithFi app can make this process even easier, helping you stay organized and focused on what truly matters.On Today's Program, Rob Answers Listener Questions:I have a pension fund that I'm no longer contributing to, and I can roll it over into either a Roth IRA or a traditional IRA. Which one should I roll it over into where I would have the least tax burden?If I contributed to a traditional IRA, is there a waiting period before I can do a backdoor Roth?I have a couple hundred dollars that I would like to invest somewhere, and I want to be able to put money into it occasionally. I need to figure out where to start or put that money.I'm 67 and plan to work for 3-5 more years. I want to fund a traditional IRA, and I'm considering using it for QCDs once I turn 70.5. However, I've also been encouraged to put the money in a Roth IRA instead. What are your thoughts on that?Resources Mentioned:Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Send us a textTax-Efficient Charitable Giving Strategies | Retire Early & Maximize ReturnsIn this Christmas Eve episode of the Retire Early Return Out Podcast, hosted by Hunter Kelly of Palm Valley Wealth Management, explore four tax-efficient ways to donate to your favorite charities. Learn about donor-advised funds, qualified charitable distributions (QCDs), donating appreciated assets, and charitable trusts. Discover how these strategies can help you meet your financial goals and maximize your tax deductions. Hunter also invites listeners to share their favorite charities on YouTube. Note: This podcast is for educational purposes only and not a substitute for professional advice.00:00 Welcome to the Retire Early Podcast00:06 Introduction to Tax-Efficient Giving01:13 Donor Advised Funds Explained04:35 Qualified Charitable Distributions (QCDs)07:40 Gifting Appreciated Assets08:47 Understanding Charitable Trusts15:34 Conclusion and Holiday WishesCheck out the Palm Valley Wealth Management WebsitePalmValleywm.comCheck us out on InstagramLinkedIn FacebookListen to the Podcast Here! AppleSpotify

Jim and Chris discuss listener questions relating to IRMAA, Social Security benefits, 457B plans, Qualified Charitable Distributions, and Roth conversions. (8:30) The guys address a listener question about using form SSA-44 to appeal IRMAA surcharge. (20:45) George seeks clarity on whether and how his wife's 457 plan distributions will impact their Social Security benefits. (42:00) […] The post IRMAA, 457b, QCDs, and Roth Conversions: Q&A #2451 appeared first on The Retirement and IRA Show.

Join David for part two of our series on 2024 stocking stuffers for financial freedom. In this episode, we explore five actionable financial tips to help you wrap up the year and prepare for a prosperous 2025. From managing debt effectively to considering Roth conversions and utilizing Qualified Charitable Distributions, this episode will give you some areas to focus on. Here's some of what we discuss in this episode: The number of people that carry credit card debt is pretty shocking. Consider Roth conversions to help reduce taxes in the future. QCDs are a ​fantastic ​way ​to ​not ​pay ​taxes ​on ​money ​that ​is ​otherwise ​definitely ​going ​to ​come ​out ​of ​your ​IRA. Why you need to be reviewing your plan annually. Don't forget your Roth contributions! For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Jim and Chris discuss listener questions relating to IRMAA, SS Spousal Benefits, IRA withdrawals, Qualified Charitable Donations, and Roth contributions. (6:45) A listener looks for assistance filling out form SSA-44 to have his IRMMA surcharge reevaluated. (24:15) George wonders if his wife claiming her Social Security benefits early will reduce her spousal benefit when he […] The post IRMAA, Spousal Benefits, IRA Withdrawals, QCDs, and Roth Contributions: Q&A #2450 appeared first on The Retirement and IRA Show.

Jim and Chris discuss listener questions relating to the Family Benefit Limit, Means Test, Qualified Charitable Donations, tax strategies for pension benefits, and spreadsheet tracking of SPIA income. (10:00) Georgette asks about factoring in the Family Benefit Limit while deciding when to start taking Social Security (19:30) A listener looks for a better understanding of […] The post Family Benefit Limit, Means Test, QCDs, Tax Strategies, and SPIA Income: Q&A #2449 appeared first on The Retirement and IRA Show.

How can you make the most of charitable giving while reducing your tax burden? In this podcast episode, Christian and John explore the strategic use of Qualified Charitable Distributions (QCDs) in retirement planning. Learn how QCDs can help you meet Required Minimum Distributions (RMDs) while supporting causes you care about—all tax-free. They also dive into age requirements, reporting considerations, and unique planning opportunities. If charitable giving is part of your retirement goals, this episode is a must-listen! Tune in for actionable insights to improve your retirement plans. https://zurl.co/dyBc

Roth conversions are almost a buzzword today, with many people jumping into them like they're a guaranteed fix for tax worries—much like rushing into surgery hoping it will solve all your problems. But just like surgery, Roth conversions require careful consideration, and they're not always the right solution. Before deciding to convert, it's essential to understand why not to do it.Here are some key reasons to skip—or at least pause—on Roth conversions:- Lower Future Tax Bracket: If you anticipate being in a lower tax bracket during retirement, it might not make sense to pay taxes upfront. For example, retiring and moving to a no-income-tax state like Texas can naturally reduce your tax obligations.- No Significant RMD Issue: If your required minimum distributions (RMDs) won't be large enough to push you into a higher tax bracket, the urgency to convert may not exist.- Charitable Giving Plans: Those planning to donate through qualified charitable distributions (QCDs) after 70½ can leave funds in tax-deferred accounts, making those donations tax-free without needing to convert.- Social Security Tax Torpedo: Conversions can increase your provisional income, causing more of your Social Security benefits to be taxed, effectively raising your tax rate.- Medicare Premium Surcharges (IRMAA): Conversions can push your income above IRMAA thresholds, leading to higher Medicare premiums.- Spending More or Retiring Earlier: Sometimes, simply increasing your spending or retiring sooner can reduce the need for conversions by naturally lowering tax-deferred account balances.While Roth conversions can be a valuable tool, they're not a one-size-fits-all solution. Thoughtful planning and understanding your unique financial situation are key to making the right choice.Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - Roth conversions are like surgery3:07 - Questions that prompted this episode5:28 - Why not to do a Roth conversion8:38 - RMDs prompt Roth conversions10:50 - Spend more money, and retire earlier13:27 - Rethinking what Roth conversions mean15:12 - A financial example18:06 - IRMA considerations22:31 - Knowing enough to be dangerous24:04 - More reasons to be cautious Create Your Custom Strategy ⬇️ Get Started Here.

In this week's episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, breaks down the complexities of Required Minimum Distributions (RMDs). RMDs can be an intimidating topic, but Darryl simplifies the details with practical guidance, actionable strategies, and insights to help you navigate this critical aspect of retirement planning. In this episode, Darryl explores the fundamentals of RMDs, explaining their impact on your tax strategy, legacy planning, and overall financial health. Whether you're nearing the RMD age, have questions about Roth conversions, or want to reduce your lifetime tax burden, this episode provides valuable insights to optimize your retirement plan. Key highlights of the episode include: Understanding the rules, including recent changes to RMD ages, and how they affect your tax obligations. Exploring Roth IRAs, qualified charitable distributions (QCDs), and how to balance traditional and Roth accounts for long-term tax efficiency. Insights on the 10-year rule for non-spouse beneficiaries, trust considerations, and how to avoid unintended tax consequences for your heirs. Breaking down calculations, life expectancy tables, and why your December 31 balance plays a critical role. Common pitfalls like missed RMDs, understanding IRS codes, and how to ensure proper reporting. For more resources and to connect with a financial advisor who can help you plan your retirement with confidence, visit www.PAXFinancialGroup.com. If you found this episode helpful, share it with someone preparing for retirement! Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. “Like” is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm. References: 2023 Publication 590-B

But what about YOUR taxes? Yes, you. The advisor! Running a financial advisory business can be complicated and you get paid weirdly. #FACTSWe are stepping away from the S2S Framework this week, because the end of the year is coming, and we've got a small window of time to maximize your own tax savings before the end of the year. If you're anything like me, the end of the year was all about the clients. Scrambling to get their Roth conversions done, tax harvesting, QCDs, and all the things. My own taxes were in the back of my mind, but everyone else came first. I did an episode a few months ago with a tax strategist that works with your clients… but what about a tax advisor for advisors!? Well, today I am going to introduce you to my friend Catherine. Her CPA firm specializes in doing tax strategy and advice for financial advisors. In this episode, we're digging into:  Common Tax Mistakes Financial Advisors Make—and How to Avoid ThemYear-End Tax Strategies: How Advisors Can Maximize Savings Before December 31stWhat is a Healthy Profit Margin for an Advisory Business?The Power of Proactive Tax Planning for your Firm - What A CPA Relationship Should Look LikeThis episode is just for you, Advisors. An opportunity to take a step back and make sure you are taking care of your own business and your own strategy.-----------------------LINKS FROM THIS EPISODE:Connect with Catherine here! Catherine's Website   dominiones.com Watch Catherine's Podcast here!Join the Group Coaching & Mastermind HERE! Download the Family Tree Template HereEnroll in The Perfect RIA Masterclass HereConnect with Libby on LinkedIn Here!Successful businesses don't get built alone. You need community! You need collaboration! Join us in The Efficient Advisor Community on Facebook.Check out more FREE resources and our FREE video library at http://www.theefficientadvisor.comLooking for all the resources from this episode? Check out this episode's webpage for show notes, transcripts, downloads and more!

As the end of November approaches, it's a great time to take a closer look at your financial plans and make any necessary tweaks to prepare for the year ahead. That's why this week, Jude and Marc are sharing some financial items that you should be thinking about as the year winds down. Whether it's reviewing your retirement contributions, exploring tax-saving strategies like QCDs, or tax-loss harvesting, let's make sure you're finishing the year on a high note.   Here's some of what we discuss in this episode: 0:00 – Intro 0:48 – The importance of tax loss harvesting 4:55 – Maximizing retirement contributions 8:23 – Optimizing tax brackets 10:29 – Charitable contributions and QCDs 12:41 – End of year savings and HSAs 16:02 – Bunching deductions   Get the "What Issues Should I Consider Before The End Of The Year?" Guide here: https://drive.google.com/file/d/1-uGZpXb4KdavKB2JEjolQot5xYIdZ7EM/view?usp=sharing   Connect: Website: https://centrusfs.com/podcast/   Call: 800-779-4592 Schedule your complimentary review with Jude: https://calendly.com/centruscalendar-/30min Watch on YouTube: https://www.youtube.com/channel/UCOyRZhgLenTC49qNZH9mEuQ/

“Prevention is better than cure. Don't feel overwhelmed by all this. Would you remove your own kidney? You would go to a professional to get it done.” -Denise Appleby   Renowned IRA and retirement plans expert Denise Appleby joins our hosts Stephanie McCullough and Kevin Gaines for a crucial conversation on managing your retirement accounts effectively, especially as 2024 comes to a close.   Having trained thousands of financial, tax, and legal professionals, Denise shares her invaluable insights on year-end retirement planning strategies, covering the complexities of Required Minimum Distributions (RMDs) and the potential pitfalls of rollovers.   They talk about the challenges family members face when inheriting IRAs and handling 401(k) withdrawals, including those aged 73 and older.   In addition to RMDs, they also cover Roth conversions and Qualified Charitable Distributions (QCDs), giving you much-needed clarity on suitability assessments and precise reporting needs.   Denise explains the differences between transfers and rollovers, providing real-life examples of costly mistakes and IRS penalties that typically come from common misunderstandings. By sharing these cautionary tales, Denise demonstrates the importance of consulting knowledgeable financial advisors to guide you through these often-daunting processes, ensuring your retirement plan remains on track!   Key Topics: How to Manage Your Retirement Accounts Before the Year Ends (3:38) Navigating IRS Publications and Regulations (10:18) What's Eligible for a Rollover? (22:38) Understanding Beneficiary IRAs and R&D (27:30) Direct Versus Indirect Roth Conversions (38:28) A Primer on Qualified Charitable Distributions (46:42) Stephanie and Kevin's Key Takeaways (59:45)   Resources: DeniseAppleby.com Take Back Retirement Episode 12: What Women Need to Know About IRA's, with Sarah Brenner Take Back Retirement Episode 20: Women + Roth IRA's – What Should You Be Aware Of? Take Back Retirement Episode 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message! Take Back Retirement Episode 78: The Essential Rules to Know When You Inherit an IRA     If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com   You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.

Navigating RMDs and QCDs in Your Planning

If you’re 70+ or 73 and older and making required minimum distributions (RMDs), consider using a Qualified Charitable Distribution (QCD) to enhance your tax savings. By directing your charitable contributions directly from your RMD, you get a dollar-for-dollar deduction, reducing your taxable income without needing to itemize deductions. This method lets you support causes you care about while maximizing tax benefits. Learn more about QCDs and how to make the most of your retirement income. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. If you are 70 plus or 73 and older and you’re taking required minimum distributions, think about QCD—qualified charitable distributions. It’s a dollar-for-dollar deduction, so if you normally give $500 a month to your church or to some other organization, take that $6,000, have it come out of your RMD, so then you’re going to reduce it 100% because if that same six is all you have, you will have a zero tax deduction if you try to itemize. This is a great way for you to give more money and still save on tax dollars. Go to DrFriday.com. You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

When I was running my practice, I dreamed of having a tax professional who would do actual tax strategy. Like WAY MORE than just getting behind my Roth conversions or more traditional ideas like QCDs, but someone that could actually sit down with my clients and tell them if they should buy their car through their business, tell them what type of entity they should be, help my boring W-2 clients find clever ways to strategize to save tax dollars well in advance of tax season, figure out a way for them to deduct their Starbucks obsession (and she shares this story in this episode), or if doing an AirBnB makes sense for their lake house… you know what I'm talking about a TAX STRATEGIST… not just a CPA. Enter, Shauna the Tax Goddess. Yes, that's the name of her company and she's known as the Tax Goddess because she is one of the most highly credentialed tax strategists in the United States. In this episode, Shauna gives us a glimpse into the world of tax strategy and how they help advisors' clients get creative and save boatloads of tax dollars without getting into the gray area of the tax code.  We get into: How having deeper conversations leads to unique tax savings opportunitiesHow to turn a hobby into a potential business for your clientsWhat the IRS considers reasonable… and Shauna shares an example that might floor you as it did me!How tax strategy differs from tax preparation and basic tax ideasIf nothing else, you will be entertained by this episode!Schedule a time to learn more about The Tax Goddess and what they can do for your clients! Join the Group Coaching Waitlist HereDownload the Family Tree Template HereEnroll in The Perfect RIA Masterclass HereConnect with Libby on LinkedIn Here!Successful businesses don't get built alone. You need community! You need collaboration! Join us in The Efficient Advisor Community on Facebook.Check out more FREE resources and our FREE video library at http://www.theefficientadvisor.comLooking for all the resources from this episode? Check out this episode's webpage for show notes, transcripts, downloads and more!

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.What we discussed[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.3 Things To RememberQualified Charitable Distributions (QCDs) allow you to give to charity while avoiding the taxes typically associated with IRA withdrawals.QCDs can be used to fulfill required minimum distributions (RMDs) without increasing your taxable income.Always ensure QCDs are sent directly to the qualified charity to satisfy IRS requirements and keep detailed records for tax purposes.Useful LinksConnect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedInConnect with Andrew Barnhardt: LinkedInLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite

Jim and Chris sit down to discuss listener questions relating to child-in-care benefits, delayed retirement benefits, Inherited IRA RMDs, and timing RMDs and QCDs.   (4:30) A listener wonders if she should have been collecting child-in-care benefits over the last 20 years of caring for her disabled son. (11:00) Georgette recalls Chris speaking about delayed […] The post Social Security Benefits, Inherited IRA RMDs, Timing RMDs with QCDs: Q&A #2433 appeared first on The Retirement and IRA Show.

Text us your financial questions!Research Analyst Nick Antonucci, CVA, CEPA is joined by Senior Associate Michael Griffin, CFP®, and Associate Clay Norman, CFP®, to provide some recommendations for a couple who don't need the funds from their required minimum distributions to pay living expenses. They discuss charitable contributions, Roth conversions, and reinvestment options. Read the Article: https://www.henssler.com/maximizing-your-retirement-savings-smart-strategies-for-managing-rmds

I'm a buffoon and I missed including another important pro of doing an employer plan-to-IRA rollover in episode #110's list of pros and cons of rollovers. The additional potential pro is the ability to do Qualified Charitable Distributions ("QCDs") out of the IRA if you're at least 70 1/2 and charitably inclined.So, the recap the full list of pros (including QCDs) and cons of doing an employer plan-to-IRA rollover:Potential PROS of rolling over an employer plan to an IRA or Roth IRA:More investment optionsLikely lower fees and costsAccess to professional adviceBetter control over tax withholdingsMore withdrawal optionsLess Required Minimum Distributions ("RMDs") to manageLess financial clutterGain the ability to do Qualified Charitable Distributions ("QCD")Potential CONS of rolling over an employer plan to an IRA or Roth IRA:May lose the ability to take early distributions without penaltyMay lose the ability to cleanly do backdoor Roth IRA contributionsMay lose the ability to continue to delay RMDs from that plan (if you're still working at that employer)Lose the ability to take loans from the moneyMay lose the ability to take advantage of Net Unrealized Appreciation ("NUA") of company stockMay lose access to a stable value or managed income portfolio investment optionPotentially less creditor protectionLinks in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Want to get in touch? Send us a text!In this episode, Steve and Travis discuss three ideas to supercharge your charitable donations and save on taxes. The first idea is to use a donor-advised fund (DAF) to group your charitable donations together and take a larger deduction. The second idea is to donate highly appreciated stocks instead of cash, which allows you to avoid capital gains taxes. The third idea is to make qualified charitable distributions (QCDs) from your IRA, which can offset your required minimum distributions (RMDs) and reduce your taxable income. These strategies can help you maximize your charitable deductions and keep more money in your pocket. #taxes #charitabledonations #taxplanning________________________________________________________________Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com You can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at https://youtube.com/@NQRMedia

What are some of the biggest tax mistakes you should be avoiding when you file taxes? CPA Steven Jarvis has worked on thousands of tax returns. He focuses on helping people who have a long-term focus. He wants to make sure his clients only pay every dollar they owe and nothing more. It's not about getting a big tax return. It's about looking at the long-term picture and being proactive. We dig in and dissect the top tax mistakes you need to avoid in this conversation. You will want to hear this episode if you are interested in... [3:02] Making proactive choices to impact your taxes [4:47] Learning about the foreign tax credit [6:43] Rollovers from 401Ks to IRAs [11:01] Equity compensation and severance pay [13:07] Managing advanced charitable giving strategies [21:10] What you need to know about HSAs [26:32] Pay what you owe—and nothing more Rollovers from 401Ks to IRAs You'll likely roll over a 401K to an IRA only once or twice in your life. In theory, it should be simple—as long as the rollover is treated as a non-taxable event. It needs to be reported on a 1099-R form, which can be confusing. Tax-adjacent events go on your tax returns but you should not be taxed on them.  If you're working with a tax professional, you need to communicate that you're doing a rollover. Before the tax return is filed, make sure you look it over to see if your income changed. If it has—and it shouldn't have—a rollover being improperly filed may be the culprit.  Managing advanced charitable giving strategies A qualified charitable distribution (QCD) allows you to make a charitable contribution directly from an IRA to a charity. If you donate $1,000, you may save $200–$300 in taxes. If it's a charity that you care about, great. But if you're not charitably inclined, spending $1,000 to save $300 doesn't make sense.  But there are some other tax benefits. A QCD comes out of your income before your adjusted gross income is calculated. Why does that matter? Your adjusted gross income is part of the calculation to determine how much you pay for Medicare. Reporting this correctly is key. Most custodians don't report how much money went to a charity because the IRS hasn't created a way for them to do it. That's why you (or your financial planner) must provide this information when your taxes are filed. I will send a breakdown of QCDs, distributions, etc. to my clients so they can report it properly.  What you need to know about HSAs Steven sees people penalized for over-contributing to HSAs because the form (8889) is confusing and people fill it out incorrectly. That's the #1 thing you have to watch out for with these. One of the advantages of an HSA is that it can grow tax-free. If you can pay medical expenses from another source while funding the HSA, you'll also get a tax deduction. If you don't need the money for qualified medical expenses down the road, you'll just have to pay taxes on the money (which you can remove at age 65 without any penalties).  If you keep track of your HSA-eligible expenses as you go, and have sufficient documentation, you can also request reimbursement for things that happened in the past. What other issues does Steven find himself correcting frequently? Learn other tax mistakes to avoid in this episode.  Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Retirement Tax Services Podcast Steven's book, “Don't Get Killed on Taxes” Connect with Steven on LinkedIn  Retirement Tax Services Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

The Qualified Charitable Distribution is one of the most underutilized tax benefits, yet almost 25 million Americans can take it.There are many requirements for taking a Qualified Charitable Distribution (QCD), or QCD. You must be 70 ½ and have an IRA. If more folks understood QCDs better, they might take them. David Hogan joins us today with the ABCs of QCDs.David Hogan is the Principal of Clifton Larson Allen CPA's in Atlanta, GA. What is a Qualified Charitable Distribution (QCD)?Simply put, a QCD directly transfers funds from your Individual Retirement Account (IRA) to a qualified charity. This move doesn't offer a deduction, but you don't have to report the distribution as income, creating a unique tax advantage for those who qualify.How to Take a QCDTaking a QCD can be straightforward. If your IRA offers check-writing capabilities, you can write a check directly to your chosen charity. If not, you can set up a direct transfer online or over the phone. Your favorite charity can often assist you in setting this up if needed.Tax Advantages of a QCDA QCD can be particularly beneficial for those over 70 and a half if you're not itemizing deductions. You might not get a tax benefit from your charitable contributions if you take the standard deduction. However, with a QCD, you avoid recognizing the IRA distribution as income, effectively reducing your taxable income.Required Minimum Distributions (RMDs) and QCDsAlthough the required minimum distribution (RMD) age has been moved to 73, you can still benefit from a QCD. Distributions to a charity through a QCD count toward satisfying your RMDs without adding to your taxable income. This is especially useful for those with larger IRAs who don't need the funds for living expenses.Who Can Benefit from a QCD?QCDs aren't just for the wealthy. While those with large IRAs can undoubtedly benefit, anyone with an IRA who is charitably inclined can use a QCD to gain a tax advantage. If you're not itemizing deductions and usually take the standard deduction, a QCD allows you to give charitably without increasing your taxable income.Practical Tips for Using a QCDConsider replacing the charitable contributions you typically make from your after-tax dollars with distributions from your IRA. This strategy allows you to use your other assets for personal expenses while maximizing the tax benefits of your IRA distributions.A QCD is the best giving opportunity that many eligible individuals are not taking advantage of. If you have an IRA and are over 70 and a half, consider this tax-efficient way to support your favorite charities.On Today's Program, Rob Answers Listener Questions:What should I do with my 401k since I'm approaching retirement in March 2025? I'll have around $200,000 in it, and I wanted advice on whether to roll it over to an advisor or leave it where it is once I retire.Can I deduct the value of my labor for the repairs and maintenance I do on the rental property where I live? Since I own and live in the building with some tenants, I do much of the work to keep costs down. But I wanted to know if I could charge for my time or labor and have it be legal.Would it be wise to take out a home equity line of credit on my $181,000 mortgage and use that HELOC to pay my daily expenses? I would throw my entire paycheck towards paying down the principal on the mortgage, and I would pay it off within about four years. I would like your thoughts on whether that strategy is a good idea.Would it be wise to use my $215,000 annuity to pay off my $140,000 mortgage as soon as possible? I'm 54 years old and will be retiring in about five years, at which point I'll receive a yearly pension of around $85,000-$90,000. I wanted advice on utilizing my annuity and whether eliminating my mortgage debt made the most sense.Resources Mentioned:An Uncommon Guide to Retirement: Finding God's Purpose for the Next Season of Life by Jeff HaanenRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

The Qualified Charitable Distribution or QCD is one of the most underutilized tax benefits, yet almost 25 million Americans are eligible to take it. But because of their various requirements, more folks might take advantage of this option if they understood them better. On today's Faith & Finance Live, host Rob West will welcome David Hogan to talk about the ABCs of QCDs. Then Rob will take some calls and answer various financial questions. See omnystudio.com/listener for privacy information.

Chris and Paul sit down to answer listeners questions regarding IRAs, HSAs, QCDs, taxes, and rolling forward passive losses. (3:30) George asks about being able to take an IRA distribution and rolling it into an HSA. (22:00) Georgette wonders if she can delay taking her first RMD to benefit from the timing of her current […] The post IRAs, HSAs, QCDs, Taxes, and Rolling Passive Losses: Q&A #2420 appeared first on The Retirement and IRA Show.

Jim and Chris sit down to discuss listener questions relating to Social Security, GPO, HSAs, QCDs, inflation, and QLACs. (8:30) George from Colorado asks for clarification on a couple of questions regarding the effects of GPO. (25:20) A listener provides some helpful input on converting funds from a taxable account into an HSA. (37:05) A […] The post Social Security, GPO, HSAs, QCDs, Inflation, and QLACs: Q&A #2410 appeared first on The Retirement and IRA Show.

Summary of the December 29, 2023 The Wall Street Journal article, To Lower Your Taxes in 2024, Make These Moves Now. The article gives a handful of tips on how to reduce your taxes (not actually  just in 2024; the tips in the article can apply to ANY year)Links in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comRetirement Planning Education podcast Episode 27 about MAGI & AGIRetirement Planning Education podcast Episode 71 about the capital gain exclusion on selling your primary residenceRetirement Planning Education podcast Episode 75 about Qualified Charitable Distributions ("QCDs")Retirement Planning Education YouTube video about Estimated Taxes, Tax Withholdings and Underpayment Penalties

Once you reach a certain age the government forces you to take withdrawals from your retirement account. These withdrawals affect your taxable income, medicare premiums, and even your ability to leave money to your heirs. I'm referring to required minimum distributions or RMDs. Most people are familiar with RMDs, but not as many people are aware of planning opportunities that they can use to help control the effects of making required withdrawals. Sam shares practical strategies that we can use to get the most out of our distributions.    Episode Highlights:  [02:48] Sam shares an example of a required minimum distribution. 401k and IRA savings are pre-tax. When we take funds out they are going to be taxable. [04:28] RMDs are required once someone hits 73 years old for this year. People are living longer, so they are moving the ages back. [06:34] If you have multiple accounts, each one will have its own RMD. You can take the aggregate amount from any account. [07:30] There are penalties for not taking your RMDs.  [08:29] If you take money out, you need to pay taxes on it. [09:39] If you put money in a 529 plan, you can save on federal taxes. You can also fund a Roth for a family member. [10:55] Qualified Charitable Distributions or QCDs can be given straight from a retirement account to a qualified charity. This will satisfy the RMD and no one will have to pay taxes on those dollars. [12:04] If you're already donating to a charity, you might want to consider a QCD.  [12:42] A Roth conversion is where you take pre-tax dollars and convert them to a Roth which is tax-free. You pay taxes when you withdraw the money. Once it's in the Roth, it can grow tax-free for the remainder of your life. [13:39] A Roth conversion is a great strategy for people who care about legacy. [15:36] Bonus: Still working, you don't have to start taking your RMDs until you retire.    Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.   Resources & Links Related to this Episode Wealthquest Get Started Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth

The extra time can be used to plan Roth conversions, consider tax breaks like qualified charitable distributions (QCDs), and reduce taxable accounts sooner at lower tax rates. Today's Stocks & Topics: SWK - Stanley Black & Decker Inc., Options Trading and Taxes, AES - AES Corp., Which Countries Had a Great Year, Short-Term Bonds, CLVT - Clarivate PLC, GE - General Electric Co., Bitcoin.Our Sponsors:* Check out Monarch Money and use my code INVESTTALK for a great deal: https://www.monarchmoney.com/* Check out Rosetta Stone for a great deal at: https://www.rosettastone.com/TODAYAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

We want to thank the folks at the National Christian Foundation for a great article on an alternative way to give and a new twist in 2023.Here are some alternative giving strategies for those of you who might be feeling the pinch financially but still have a heart to support your favorite charities. Drawing on insights from an article by the National Christian Foundation, we're focusing on using your IRA for charitable giving.Of course, these are general recommendations and may not apply to everyone. You should consult with your CPA for specific advice based on your circumstances.Okay, here are a few terms you need to understand first.Adjusted gross income or AGI – This is basically your income before you take your standard or itemized deduction. Regular distribution – This is just money taken from your IRA after you turn 59 ½. It's reported as income on your tax return.Qualified charitable distribution or QCD. This is a distribution from an IRA paid directly to the qualified charity after the owner turns 70½. In 2023, an IRA owner can make QCDs of up to $100,000 annually. The amount is not reported as taxable income on your tax return. Required minimum distribution or RMD. – This is money that must be withdrawn from an IRA when the owner reaches 72 or 73, depending on their birthday. You can satisfy this requirement by making regular distributions, QCDs, or both from your IRA. PERSONALIZED STRATEGIES BASED ON AGE FOR IRA GIVING:For those 59 and a half or older: If you're in this age group and own an IRA, you have the option to make regular distributions without facing a 10% penalty. Although taxes are still applicable on these distributions, you can balance it out by making charitable gifts, which can offset some of your federal income tax. It's crucial to note that in 2023, the deduction limit for cash gifts is 60% of your Adjusted Gross Income (AGI), but this will change to 50% after 2025. At age 70 and a half: This is a pivotal age for IRA owners. You can start making a Qualified Charitable Distribution (QCD) directly from your IRA to a charity, and the best part is that this doesn't trigger a taxable event since it's not included in your AGI. A new development in 2023 allows you to use up to $50,000 of your QCD to fund a Charitable Gift Annuity. This annuity will provide regular lifetime payments to you or you and your spouse, with the remainder benefiting the charity.Once you reach 72: At this stage, every IRA owner must start taking an annual Required Minimum Distribution (RMD), if you haven't started already. You can fulfill this requirement with regular distributions, QCDs, or both. For instance, if your RMD is $50,000, you can opt for a $30,000 QCD directly to a charity and manage the remaining $20,000 as a regular distribution. You might also consider making that $20,000 a deductible gift to a donor-advised fund, like the one offered by the National Christian Foundation. For more details and to explore these strategies further, we recommend visitingNCF Giving. ON TODAY'S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:As a parent, I'm concerned about my young, debt-free daughter and her fiancé planning to buy a house with an FHA loan and a small down payment. Is this a wise decision in the current economic climate?I am 65 years old and planning to retire soon. I have a $50,000 student loan and am considering withdrawing from my 401k to pay it off. Is this a good strategy for entering retirement debt-free?As a legal custodian of a minor receiving an inheritance, I'm exploring the best way to manage this money. Should I opt for a custodial account or a trust, and what are UTMAs and UGMAs?I'm 58 years old and considering taking a lump sum distribution from my pension. How can I avoid the 20% federal tax on this distribution, and what are my options for rolling it over?I receive a pension due to a divorce and have started my Social Security benefits. I also work part-time and am rebuilding my credit. Can I realistically save for a townhome in a few years, given my financial situation?Should I tithe on an insurance claim check I received for roof repair, considering it is meant to cover a loss and not an increase in wealth? RESOURCES MENTIONED:Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Jim and Chris sit down to discuss listeners questions relating to Social Security, IRMAA, QCDs, RMDs, and annuities. (6:15) George from Washington looks for advice on when his wife should look to claim Social Security. (17:45) A different George in Washington wonders which IRMAA threshold he should pay attention to when looking for an adjustment […] The post Social Security, IRMAA, QCDs, RMDs, and Annuities: Q&A #2342 appeared first on The Retirement and IRA Show.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss things to be aware of about qualified charitable distributions (QCDs) and donor-advised funds. The QCDs and donor-advised funds are great tax benefits strategies, but they make sense in your retirement planning journey in two different scenarios.Listen in to learn about QCDs, the tax benefits you can take advantage of when donating to charity organizations, and the rules of the strategy. You will also learn more about the donor-advised fund, how to take advantage of itemizing tax returns, and the rules of the strategy.In this episode, find out:Qualified Charitable Distributions – a tax savings contribution you can do out of your IRA.The QCDs tax benefits you can take advantage of when donating to charity organizations.The rules on when and how to take your QCDs, plus how QCDs can apply to your RMD when done properly.Donor Advised Funds – stacking your donations together to take advantage of itemizing tax returns.The rules of a donor-advised fund, how to fund this account, and why it's flexible.Understanding where both QCDs and donor-advised funds make sense for you.Tweetable Quotes:“The rule with the QCDs is that you've got to be seventy and a half in order to do it; with donor-advised funds, you can do it no matter what your age is.”- Radon Stancil “Once you make a contribution into a donor-advised fund, it's irrevocable.”- Murs Tariq Resources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.

What is the difference between a passion and an interest? Why is it important to have a passion in retirement? In the Bring It On segment with Mark Ross, we're discussing passions. You've probably heard that it is important to have a purpose in retirement, but today you'll learn how to develop your interests and turn them into passions. You'll also hear questions about when to stop contributing to pre-tax retirement accounts, what preferred stocks are, and whether QLACS can be used as QCDs. Press play to listen.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:30] Future pre-tax contributions [13:48] What is the objective of having preferred stocks in a portfolio [17:03] Can a QLACS distribution be treated as a qualified charitable distribution? [18:54] Where should these 34-year-olds save? BRING IT ON WITH MARK ROSS [21:28] Are passions the same as interests? TODAY'S SMART SPRINT SEGMENT [27:00] Update your net worth statement Resources Mentioned In This Episode LiveWithRoger.com BOOK - 4000 Weeks by Oliver Burkeman Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger's Retirement Learning Center