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Ask Gordon

Gordon L. Nelson, CPA, CFP® is a planned giving specialist. Want to get your questions answered? Write him or call him at 435.213.9986.

November 2024

Dear Gordon,

I have to take a required minimum distribution from my IRA this year. Is there a way I can meet this requirement without paying taxes on the distribution?

Curious Saver

Clearwater, FL

Dear Curious Saver,

Great news—there’s a way to meet your Required Minimum Distribution (RMD) obligation and avoid paying taxes on it! If you’re over 70½, you can make what’s called a Qualified Charitable Distribution (QCD). This allows you to send your RMD directly to a nonprofit, like the Foundation, tax-free. Not only does it reduce your taxable income, but it also supports a cause you care about.

Here’s another bonus tip: you can actually give up to $105,000 from your IRA to charity through a QCD. You’ll avoid taxes on the transfer, and the gift counts toward your RMD. So instead of paying more in taxes, you can use your savings to make a bigger impact for wild Florida.

If this sounds good, reach out to your IRA administrator or us to get started.

Warm regards,

Gordon

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