Finance Themed Gifts or the Holidays

We’re a little less than 10 days away from Christmas, so chances are, you’ve probably done all your holiday shopping at this point. However, if you’re looking for a few more gift ideas for your children or grandchildren, then maybe you might want to consider something with a focus on finances and money. For example, a book on personal finance can be a great gift that can help people more than they may even realize. There are many such books out there covering various aspects of personal finance, so you may want to stick with bestsellers on this. A personal Continue reading Finance Themed Gifts or the Holidays

Time is Running Out For 2018 QCDs

If you are considering making a qualified charitable donation (QCD) this year, you have just a over a month to do so as the deadline in December 31, 2018. A QCD presents a valuable tax break opportunity that can be too good to pass up, especially if you find that you will now be taking the standard deduction as a result of last year’s tax reforms. A QCD will allow you a tax break for your 2018 charitable contributions that you may not have had a chance at because you are unable to itemize anymore. a QCD can also be Continue reading Time is Running Out For 2018 QCDs

QCDs Are Good, But Do You Know the Limits?

Donating to a charity can be a satisfying experience. As such, it’s not uncommon for people to make substantial donations to charities and organizations in their later years or as part of their will. If you are interested in such a move or are interested in ways to potentially spend excess retirement savings, then you’ve probably heard of a qualified charitable distribution (QCD). In case you are unaware, a QCD is a direct transfer of funds from your IRA to a qualified charity, a transaction conducted by your IRA custodian. It is used by many retirees as a way to Continue reading QCDs Are Good, But Do You Know the Limits?

Consider Giving Back in Retirement

Last week, I talked about how to properly report a qualified charitable distribution (QCD) on your taxes. However, giving money isn’t the only way you can give back to the community in retirement or your later years. Many retirees go beyond just charitable distributions and actually give their time and energy to causes that are important to them. This just about always involves actual volunteer work. Aside from the good feeling that comes from such volunteer work, it can also be a great way to stay active and mentally sharp during retirement. If you are considering volunteer work during retirement, Continue reading Consider Giving Back in Retirement

Make Sure You Properly Report QCDs on Your Taxes

Making a qualified charitable distribution (QCD) can be a fulfilling experience. Many retirees use QCD as a way to give back to the community or to causes they are passionate about. While QCDs are non-taxable and can satisfy your required minimum distribution (RMD) for the year, they do need to be reported on your taxes. When reporting QCDs on your taxes, don’t forget that the IRA custodian does not do any special reporting other than to report the total amount of your distributions for the year. Also, if you have a professional prepare your taxes, be sure to inform them Continue reading Make Sure You Properly Report QCDs on Your Taxes

Feeling Charitable? Make Your Gift Soon!

If you are considering making charitable contributions with some of your retirement money in the near future, you may want to make those contributions before the end of 2017. With the Republican tax reform bill set to become reality, the tax benefits of making such charitable contributions will see a major change in 2018. The bill nearly doubles the standard deduction for both single and married couples, thus limiting the number of people who can itemize starting next year as only people whose total itemized deductions exceed the standard deduction can itemize. The ability to itemize is important because you Continue reading Feeling Charitable? Make Your Gift Soon!

The Giving Season

The holiday season is often a generous time of year with people donating time and money to various causes and interests. If you are one of those people who are interested in giving back during the holidays, there are numerous ways you can do so. One way to give back is monetarily with a qualified charitable distribution (QCD). There are certain parameters which must be met to make a QCD and they can be a bit confusing, but there are tax benefits to making a QCD. If you have enough saved for retirement and are considering a QCD, you will Continue reading The Giving Season

A QCD for Hurricane Relief?

Are you looking to make a donation to help those in need following Hurricane Harvey or the incoming Hurricane Irma? There are a number of relief funds out there that are willing to take donations. Another option is to make a Qualified Charitable Distribution (QCD). If you have an IRA and are over the age of 70 ½ at the time of the donation, you can use a QCD to help those in need. You can make a QCD from either a traditional or Roth IRA and can only do so from pre-tax amounts. Furthermore, the amount transferred to charity Continue reading A QCD for Hurricane Relief?