When filling out your tax return, you will need to transfer the information from your Form 1099-R onto your Form 1040, 1040A, or 1040EZ, depending on your specific circumstances. If you receive multiple 1099-R forms from different retirement accounts, you will need to report the information...
Calculate Your QCD Tax Break A $100,000 charitable contribution from your IRA could save you tens of thousands of dollars in taxes, depending on your tax rate. But you don't have to make a huge donation to benefit from thistax break. For a retiree in the 24% tax bracket, an IRA cha...
But there’s a way that you can put these distributions to good use andreduce your tax burden.Given the impact thatrequired minimum distributions (RMDs)can have on your tax bill, it may be worth creating a long-term strategy with thequalified charitable distribution (QCD)rule. Key Take...
cannot be relied upon to avoid tax penalties. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your tax return is ...
How to Pay Less Tax on Retirement Account Withdrawals. Consider Making a Qualified Charitable Distribution If you don’t need the money from your required minimum distribution, you can avoid taxes bydonating it to a qualified charity. Known as a qualified charitable distribution – or QCD –...