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Personal Finance and Investing

question everything

(47,442 posts) Sat Dec 11, 2021, 04:57 PM Dec 2021

We used QCD or qualified charitable distribution

From our IRAs. At the end of 2020 our assets grew which meant that we had to take a lot in RMD. So we - individually, of course - chose charities and donated some funds. This reduced our taxable income.

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We used QCD or qualified charitable distribution (Original Post) question everything Dec 2021 OP

That is a well known strategy, especially since one would donate to those charities regardless, and JohnSJ Dec 2021 #1

JohnSJ

(92,061 posts)

1. That is a well known strategy, especially since one would donate to those charities regardless, and

Reply to question everything (Original post)

Sat Dec 11, 2021, 05:03 PM

Dec 2021

not only does it effectively reduce ones RMD calculation for tax year 2022, but since the standard deduction has be increased, many cannot itemize their standard deduction.

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