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Is There Really a Charitable Giving Strategy With No Downside?
Manage episode 421882332 series 3428540
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Many people who are at Required Minimum Distribution age find themselves wanting to give some of that distribution to charity. They don't need the money to live on, and they'd like to help out their favorite organizations or causes in any way they can.
A standard way to do that is to take possession of the RMD, then turn around and write a check to the charity. Taxable money coming in, tax-deductible money going out, and it all comes out even - right? Not necessarily. That RMD you took may actually create a tax bill that you didn't count on, even if you gave money to a charity.
Is there anything you can do? Yes! Learn more about a Qualified Charitable Distribution strategy from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!
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