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Considerations When Trying To Balance Charitable Giving and Roth Conversions Thumbnail

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
How Do I Determine My Ideal Tax Bracket When Developing My Roth Conversion Strategy? Thumbnail

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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