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CGC Comic Collecting After 55

Started by Immortal Hulk,

201 posts in this topic

Bomber-Bob

Bomber-Bob

Posted
Posted
Absolutely true. Everyone has a different situation. However, most don't consider or even know about RMD. I know individuals that have a pension and collect SS benefits that fit into a nice tax bracket. When they finally discover the RMD looming ahead they now realize they will be pushed into a higher bracket. Just another factor in the equation.

If they don't need the money and also donate a lot to charity, one method to avoid taxes on RMDs is by doing a Qualified Charitable Distribution (QCD). The difference between QCD and regular charitable giving is you don't take a deduction for the QCD. The funds go directly to charity and is never included in your income.

 

That's good to know. Thanks.

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