Can We Give to Charities and Save on Taxes? | Episode 9

If you’re over 70½ or just planning ahead for when you will be this simple move could make your money go further. We walk through what a QCD is, how it’s different from an RMD, who it’s typically best suited for, and some overlooked rules that could help you avoid unnecessary taxes (and maybe some paperwork headaches too).

📘 In this episode, you’ll learn:

• What a Qualified Charitable Distribution (QCD) actually is

• Why it could be better than writing a check to charity

• How QCDs interact with RMDs and standard deductions

• Who may benefit most from using a QCD

• A real-world example that shows how much you could save

🎧 Whether you’re already retired, helping a parent plan, or just like being the “go-to finance friend” in your circle, this episode helps you understand how generosity and smart tax planning can go hand in hand.

Takeaways

✅ QCDs could allow for more tax-efficient charitable giving.

✅ Individuals over 70 and a half may benefit from QCDs.

✅ Direct donations from retirement accounts are important

✅ Understanding QCDs can influence future retirement planning.

✅ QCDs can help lower Required Minimum Distributions (RMDs).

✅ Charitable giving should align with personal values and financial goals.

✅ Itemizing deductions may not always be beneficial compared to QCDs.

✅ QCDs simplify the tax process for retirees.

✅ Every dollar in retirement should have a purpose.