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Lower Taxable Income in Retirement

October 17th, 2023

Lower Taxable Income in Retirement

Taxes happen to be one of the largest expenses in retirement and taxes can increase once you start to take your required minimum distribution (RMD).  As most of you know, you have the option to distribute your RMD or up to $100,000 to qualified charities without paying the income taxes on the distribution.  A qualified charity is an organization that qualifies for tax-exempt status which are typically non-profit organizations including churches, schools, and government entities.

What if you want to make a qualified charitable distribution from your IRA but do not want to make 100% of the donation now or you’re unsure how much you want to donate to your charitable organizations right now?  There is a fund called the Donor Designated Fund in which you can contribute your RMD and eliminate income taxes on the distribution.

Facts about the Donor Designated Fund:

What are the advantages?

I am a member of the board of directors for the North Georgia Community Foundation and am learning ways to help others give generously in their community.  I have recently learned a lot about the various philanthropic funds and the advantages they offer donors to have more flexibility and control with their giving.  If you would like to learn more about this topic in more detail, please let me know and I’m happy to help.


Christina Jones
Wealth Manager, RJFS
Partner, Windsor Wealth

Donors are urged to consult their attorneys, accountants or tax advisors with respect to questions relating to the deductibility of various types of contributions to a Donor Designated Fund for federal and state tax purposes.

To learn more about the potential risks and benefits of Donor Designated Funds, please contact us.

401k plans are long-term retirement savings vehicles. Withdrawals of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2 , may be subject to a 10% federal tax penalty.
Matching contributions form your employer may be subject to a vesting schedule. Please consult with your financial advisory for more information.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does constitute a recommendation. Any opinions are those of Windsor Wealth and not necessarily those of Raymond James.
Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult your financial advisor about your individual situation. You should discuss any tax or legal matters with the appropriate professional.
Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 ½, may be subject to a 10% federal tax penalty.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, marketed as Windsor Wealth Planners and Strategist. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Windsor Wealth Planners and Stategist is separately owned and operated and not independently registered as a broker-dealer or investment adviser.

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