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The ABCs Of Using Your Retirement Account For Charitable Giving

The ABCs Of Using Your Retirement Account For Charitable Giving

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The ABCs Of Using Your Retirement Account For Charitable Giving

One of our firm’s clients is a husband and wife named Bonnie and Clyde. Really, those are their actual names.

Bonnie and Clyde – or B&C, for short – are very generous people and recently came into the office to discuss charitable giving. Part of that conversation revolved around a strategy for the couple’s Required Minimum Distributions, their RMDs, from their qualified retirement accounts.

As it happens, there are ways to use what’s called a Qualified Charitable Deduction (QCD) to lower Adjusted Gross Income (AGI). Kim Laughton, President of Schwab Charitable, says that retirees over the age of 70-and-a-half who “don’t need that distribution, if they have means outside of their IRA to be funding their life and don’t want to take the distribution and be taxed on…

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