Reported 10 days ago
The IRS mandates required minimum distributions (RMDs) from retirement accounts starting at age 72, potentially increasing tax liabilities. However, retirees can minimize their tax burden by utilizing qualified charitable distributions (QCDs), allowing withdrawals up to $100,000 to be donated to charity tax-free, effectively lowering future RMDs and adjusted gross income. Consulting with a financial advisor can optimize tax strategies around RMDs.
Source: YAHOO