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Considerations When Trying To Balance Charitable Giving and Roth Conversions

Retirement accounts can also be used to support charitable causes. Beginning at age 70 ½, anyone with a traditional IRA can donate up to $100,000 per year to a qualified charity. This is known as a qualified charitable distribution (QCD). A married couple can contribute $100,000 per year, per person. The benefit of doing this is that any QCD is made tax-free.

Investment Planning Tax Planning Retirement Planning Roth Conversions
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How Do I Determine My Ideal Tax Bracket When Developing My Roth Conversion Strategy?

As part of a Roth conversion strategy, you might consider not just keeping your taxes low for the current year, but for the period of time that you’re doing Roth conversions. Usually, a goal would be to determine what the ‘ideal tax bracket’ might be for your situation, then to use that as a target for planning your annual Roth conversion amounts.

Tax Planning Retirement Planning Roth Conversions
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9 Questions That Might Come Up As You Implement Your Roth Conversion Strategy

A Roth conversion strategy might take years to actually implement, particularly for people who have large IRAs they’re trying to convert. During this time, a lot of changes might happen which might impact the way you implement your strategy—or at least things might happen which might cause you to ask yourself, “Am I still doing the right thing here?”

Investment Planning Tax Planning Retirement Planning Roth Conversions
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Do I Want To Pay Taxes On Roth Conversions So My Beneficiaries Don’t Have to?

With the SECURE Act changes, many people who stand to inherit IRAs are now subject to a 10-year rule, which requires a full withdrawal of the IRA balance over a 10-year period. Without proper tax planning, this can cause a significant tax impact to the beneficiary, particularly high-earning adult children who inherit large IRA balances.

Estate Planning Investment Planning Tax Planning Roth Conversions
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