At about this time Americans looking to save taxes for the 2022 tax year might be casting about for strategies. One of these that can be beneficial for some taxpayers age 70 ½ and above is a Qualified Charitable Distribution or QCD.
QCD’s can use the federal tax code to benefit taxpayers, mostly in the upper income brackets, who are older and must take Required Minimum Distributions (RMD’s). Here is how this works and how QCD’s might help.
Here is how a QCD can help.
Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.