38Chevy454
Thinks s/he gets paid by the post
Discussion on the "Charitable Giving" thread has me thinking and I am not sure I know what is correct. I did not want to reply in that thread, so started my own.
I have a small inherited 403b, from approx 10 years ago. So falls under the prior rules and I have to take RMD each year since it was from my father who was in RMDs when he passed. I did set up for my age on the RMD percentage calculation; which minimizes my RMD amount i have to take. The RMD amount is only around $4K each year, so not much of a big deal; but it does add to my taxable income each year since the RMD is required.
So my question is can I benefit by doing a QCD on this RMD when I am pre-RMD age? Or is that only beneficial once I reach RMD age. I am 57 currently, so my RMD age is a ways off. But if I can do the QCD now, it would save me the taxes on that money. I meet the charity contribution already, so it is just a tax savings question. Thanks for the help.
I have a small inherited 403b, from approx 10 years ago. So falls under the prior rules and I have to take RMD each year since it was from my father who was in RMDs when he passed. I did set up for my age on the RMD percentage calculation; which minimizes my RMD amount i have to take. The RMD amount is only around $4K each year, so not much of a big deal; but it does add to my taxable income each year since the RMD is required.
So my question is can I benefit by doing a QCD on this RMD when I am pre-RMD age? Or is that only beneficial once I reach RMD age. I am 57 currently, so my RMD age is a ways off. But if I can do the QCD now, it would save me the taxes on that money. I meet the charity contribution already, so it is just a tax savings question. Thanks for the help.