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RMDs and Charitable Donations · Money In Motion with Klaas Financial

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This is money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. That
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means our phone lines are open for you as well at six O eight three
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two one thirteen ten. That's six O eight three two one thirteen ten.
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If you've got a question four our retirement planning professionals from Class Financial love to
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have you join us this morning again the studio number six O eight three two
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one thirteen ten. It's three two one thirteen ten. You can learn more
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about Class Financial on their website class financial dot com. That's klaas Financial dot
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com. Great website to learn more about Clause I. Also listen back to
0:40
this in previous show's podcasts. And the telephone number for the office here in
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Madison at Class Financial six O eight four four two five six three seven.
0:47
No charge for that initial get to know you employment at Claus Financial. It
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will be complimentary to you. Again the telephone number six O eight four four
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two five six three seven. And to get on the air with CGMMLIA this
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morning, give us a rank six so A three two one thirteen ten.
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That's three two one thirteen ten, as mentioned CJ Clossmlia quaevis joining us this
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morning. CJ, how are you doing today? I'm doing great? How
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are you? Sean? Doing really well? Great to talk with you and
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Melia, how are you doing on this beautiful morning? Very good. We're
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all happy to be here. It's happy. It's a happy day, and
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we've got some important information. As always, we're going to be talking about
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three letters that mean a whole lot our MDS, and of course the great
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aspect of this is the opportunity to donate to charities. We get some details
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on all of that coming up in just a moment here on Money in Motion,
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I mentioned the website earlier, Class financial dot com. If you haven't
1:33
been there recently, check it out. You can learn more about Class Financial
1:37
the team there. You can learn about their separate divisions. You can also
1:38
sign up for the weekly Market Pulse newsletter, a great weekly email, and
1:42
of course listen back to podcasts there online as well. The telephone number at
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the Class Financial office here in Madison six O eight four four two five six
1:51
three seven. Don't forget that first appointment with Claus Financial. It will be
1:53
complementary, will be free to you again the number six eight three two one
1:57
thirteen ten. It's six or eight four four two, five, six three
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seven to get out here six eight three two one thirteen ten. Before you're
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rolling on this week's conversation all these cool things we do. Another really cool
2:08
thing we do on the program is the class quiz question the week. We'll
2:10
have a chance a little bit later on the program twenty twenty five dollars gift
2:14
Guard two best buy from our friends at Class Financial. Tell you how you
2:17
can win that a little bit later on in the show. But a little
2:21
tip, listen closely. Typically, both the question and answer to the weekly
2:23
Class Quiz question ly come up during the show and before we start talking rmds
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and charities and some opportunities there, let's take a look back at last week's
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Class Quiz question week get the question and the answer there as well. Meliah,
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Yeah, so last week we had a nice discussion about Medicare and Medicare
2:40
supplements and things that you need to be aware of. Our question was a
2:45
true or false question if you or your spouse paid into Medicare payroll taxes for
2:49
at least ten years. Medicare Part A, which is hospital insurance, will
2:53
be free to you true or false. Correct answer was true. Congratulations shout
2:58
out to our winner last week. I believe she is the first one that's
3:01
ever called from this small village of Mazomani or Mazo I guess for short.
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Congratulations to Brenda, thanks for listening carefully and answering the question correctly. Very
3:13
very cool, and you two can be like Brenda this week chance to win
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a fantastic prize. Tip. Listen closely to the program. As mentioned,
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we are going to be talking about different ways that listeners who are retiring are
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kind of handling those rmds. And if you missed a couple of weeks ago,
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we did a really in depth show on rmds required minimum distributions. You
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listen to that back to that at class financial dot com. And of course,
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if they're in the habit of donating their favorite charities, there's something they
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may want to consider when it regards taxes. Correct CJ. Yeah, So,
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when we discuss required minimum distributions so known as rmds or synonymously minimum required
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distributions known as mr ds, these are the same things. It does make
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sense to also that discussion talk about philanthropy and so We're going to first set
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the stage here this morning about just making sure you understand what an RMD is
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and what age it will apply to you, and why you know why Congress
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and the Irs enforce us. But then we're going to shift to ways that
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you can meet that required distribution when you become required to pull them while also
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being charitably minded. So some exciting things to be talking about here this morning,
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but I'm going to begin laying the groundwork. So let's begin by discussing
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the rmds first, and so make sure you understand what it is. So
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most of you who are will say over seventy know that not too long ago,
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the required minimum distribution age used to be seventy and a half. And
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yes, for whatever reason, Congress and the Irs love these half birthdays.
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We don't quite understand why, but they do well. With the past thing
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of the Secure Act that went into effect on January first of twenty twenty and
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then the subsequent Secure Act two point zero that actually was passed at the end
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of twenty twenty two. With the passing of these different acts, the ages
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got moved from what used to be seventy and a half. What then,
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after the Secure Act one point zero was seventy two, and now after the
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passing of Secure Act two point zero, that age is now seventy three or
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seventy five, depending upon when you were born. So again, with the
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Secure Act, the IRS now requires that most owners of iras withdraw part of
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their tax deferred savings accounts each year after reaching the age of seventy three.
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Now again, truth be told. There are people listening to me right now
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on the air that their RMD age was seventy five and still therefore is seven.
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I'm sorry, I said seventy five. I'm at seventy and a half.
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There are people listening who'se RMD age was end is seventy two. There
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are people listening that it will be seventy three, and there are people who
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are listening that it will be seventy five. So it's actually important for you
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to know what your age will be. So let me try to make it
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simple for you. If you are not currently required to pull minimum distributions,
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then your RMD age is either seventy three or seventy five. It's one or
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the other. And if you are not age seventy three by the end of
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twenty thirty three, then your age will be seventy five. So let me
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repeat that. If you are not currently required to make a minimum distribution from
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your pre tax retirement account, you will be required to pull that minimum distribution
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at age seventy three if you turn seventy three before the end of twenty thirty
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three. If not, then it will be seventy five. Isn't the stuff
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confusing? Yeah? It gives us plenty to talk about each week though.
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Yes, goodness great charting with our retirement planning professional CJ. Claus and Willie
7:09
Quaivis. They come to us from Claus Financial online claus financial dot com.
7:14
That's Klaas financial dot com talking about all the details and the nuances of this
7:17
stuff. Obviously, there's a lot of information in each every in every week's
7:23
program. You can always listen back and subscribe online to the podcast at Claus
7:26
Financial dot com ATWELF number six O eight four four two five six three seven.
7:30
No charge that initially get to know you employment at Claus Financial. It's
7:31
complimentary to you and to get on the air this morning six eight three two
7:34
one thirteen ten. That's six O eight three two one thirteen ten. Speaking
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of RMDCJ. Some you mentioned some important ages and dates and birth years and
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those type of things. There's also some other important days as well when it
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comes to rmds, aren't there There are? So? So hopefully if you're
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listening closely, you're saying, okay, okay, you know my RMDAG is
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going to be seventy three or my RMDAG is going to be seventy five.
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So once you've identified that, then the question becomes, so how does this
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work? When do I actually have to pull So I'm going to introduce another
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concept called the RBD, the required beginning dates. So let's assume that one
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of you who are listening, you have identified that your RMD age is seventy
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three, and let's assume that you turn seventy three in I'll just say November
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of this year. Okay, so in the first year in which you turn
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RMD age. So if you turn seventy three and November of this year,
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then that means you have you r RMD age in the year twenty twenty three.
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Well, your required beginning date, known as your RBD, is April
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first of the following year, so you would have to pull out your twenty
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twenty three RMD by no later than April first of twenty twenty four. However,
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here's the kicker. Every subsequent year, your RMD must be out by
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December Ber thirty first. So, if you're tracking with us, if you
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choose to in your first year where you have that RMD, if you choose
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to push it out to the following year, so you pull it out to
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say January February March of twenty twenty four, then that means you will have
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two rmds that have to come out that year. And the reason that could
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matter is because these rmds, if they're not done as qualified charitable distributions,
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which Malia is going to talk about in a moment, these rmds are taxable
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to you typically and increase your taxable income, and therefore having two of them
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fall in a year may or may not be ideal for you. But again,
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identify your RMD age, then identify your required beginning date, and then
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figure out kind of your strategy on how you're going to pull it out.
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Now, if you pull out less than your RMD, we have this kind
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of rule of thumb, which is don't do that. But if you end
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up pulling out less than your RMD. It used to be like a fifty
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percent penalty on anything you didn't pull out that has now come due. I
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think a twenty or twenty five penalty, and it's much easier act to get
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the IRS to waive that. But either way, you still don't want to
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don't want to miss that minimum distribution. And remember that the RMD is the
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required minimum distribution. It doesn't mean you can't pull more than that. It
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just means if you are not already pulling out at least that amount, you
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will be required to pull out that amount at those ages. Now you can
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also go to IRS dot gov and look up your own RMD table. Most
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people will be using something called the uniform lifetimetable if they're pulling from their own
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retirement account, and it'll tell you your life expectancy and how to run that
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calculation. Because there are some calculations to this. You have to take your
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December thirty first value and then divide it by your life expectancy factor, which
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gives you a number. YadA, YadA, YadA. This is so much
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fun, but really, if you deal with anybody who's ever who does these
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calculations regularly, it's not overly complex once you've done it a few thousand times.
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And then if you have a spouse who is more than ten years younger
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than you, then you may not be using the uniform lifetimetable. You'd be
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using a different table. But again, go to investor dot gov or to
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IRS dot gov and look up their R and D worksheets there and it'll get
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you started in the right direction. But really, everybody, I would highly
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suggest if you're going to start dealing with rmds and qualified charitable distributions and ROTH
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conversions, these are things that are best not done on your own. You
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may want to hire a professional any time to hear worksheet calculation and tables.
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I think, okay, time to hire a professional. So great groundwork they're
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laid all about rmds from CJ. We'll get into, of course rmds and
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what they have to do with charitable giving. We'll talk with Malia about that
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in just a moment. In the meantime, if you have been over the
11:46
website class financial dot com, tell you to head on over there right now.
11:50
It's a fantastic resource to or more about Class Financial. Mentioned also earlier
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about the weekly Market Pulse newsletter that you can subscribe to write at class financial
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dot com. It's a nice email. It's got a little snapshot of what's
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been going on in the markets. Also link to the most recent podcast.
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You can subscribe right at class financial dot com. That's klaas Financial dot com
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telephon number six O eight four four two five six three seven. No charge
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for that initial gets no you apployment at Class Financially. It will be complimentary
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to you again their number six O eight four four two five six three seven.
12:20
And to get on the air this morning with Malian CJ's call the station
12:24
six O eight three two one thirteen ten At six O eight three two one
12:26
thirteen ten we'll talk qcds and take your call next as Money in Motion with
12:31
Class Financial continues right here on thirteen ten WIBA. This is Money in Motion
12:41
with Class Financial, a fun and informative show designed to help you get answers
12:46
to all your retirement questions in one place. Enter poon lines are open for
12:50
you right now at six O eight three two one thirteen ten. At six
12:54
O eight three two one thirteen ten gets you on the air with CJ Class
12:58
and Malia Quavis this morning on the program, don't forget about the website class
13:01
financial dot com. That's klaas Financial dot com. Fantastic website to learn more
13:07
about Class Financial, sign up for that weekly Market Pulse newsletter, and so
13:11
much more again, all at class financial dot com. The telephone number for
13:13
the office here in Madison six O eight four four two five sixty three seven.
13:18
Don't forget that first apointment. It is complimentary to you at Class Financial
13:22
telephone number six O eight four four two five six three seven. Talking about
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rmds, and specifically rmds when it comes to charitable giving, and Melia CJ
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laid out a great, a great primer on what exactly rmds are. So,
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what then, do they have to do with charitable giving? Yeah,
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excuse me, that's a great question, you know. Um, So remember
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that, as as CG pointed out, rmds are minimums, right, So
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that's the minimum that you're going to be required to take out from your pre
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tax accounts. And so want to I want to stress that many people actually
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are already you know, once you've reached the magic age of needing to take
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out those rmds, many people are already taking out enough to satisfy those because
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they actually need the income, believe it or not, from their investments.
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So sometimes it's even a non issue because people are taking it out and they
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are realizing the income because they need the income. So what's important to recognize
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about rmds is that they're coming from these these accounts of yours, your your
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old I ras that are sitting there, and these have never been taxed.
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So you need to understand that as those required minimum distributions come out, they
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are going to be reflected as taxable income. And so one thing I would
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say is their clients always want to know is how to save or reduce their
14:46
taxes, and so this possibly could be an answer as we look at charitable
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giving. So you know, believe or not, many people still don't even
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know this exists, this opportunity. Some people are starting to say, Okay,
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I'm starting to understand that with the higher standard deductions, which continue to
15:07
be increased this year, a standard deduction for a joint household is twenty seven
15:11
thousand and seven hundred, for an individual household is at thirteen thousand and eight
15:16
fifty. So if the higher standard deductions continue to be in place and continue
15:22
to go up, people recognize that there's less chance of them actually itemizing.
15:30
So right now they're saying that less than fifteen percent of taxpayers itemize their taxes.
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So what we're getting to with charitable giving and the combination of your rmds
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is something called qcds. Again, qcds are qualified charitable distributions. And this
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actually was hovered in Congress for a while I was being utilized, was actually
15:56
made permanent back in twenty fifteen with the passage of the Protecting Americans from tax
16:00
hikes called the Path Act, So that's where it actually was formalized. And
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so to be clear here, it qualified charitable distribution rule that you can take
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advantage of provides you the opportunity to transfer up to a maximum of one hundred
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thousand dollars per taxpayer per year from your IRA directly to from your IRA custodian
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directly to a qualified charity. So what this does, as long as it
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goes basically from custodian to its actual recipient, not you, but the qualified
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charity, you can actually not pay taxes on those amounts, which is fabulous
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for people, especially with money that they don't need and they're charitably minded.
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So to be clear, this is only available for iras, and you have
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to have reached the age of seventy and a half. So back to all
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those numbers CJ spouted earlier, which is accurate for when you actually have to
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start taking the required minimum distributions out. This age was not adjusted with a
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secure act, so you can actually start this QCD distribution cycle as early as
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seventy and a half. And many people we see are doing this because they
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don't want to pay as much in taxes years later when they're required to start
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taking it out. So point being, unlike conventional rmds that we spoke of,
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qcds are not subject to the ordinary federal income taxes and so any amount
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processed as a QCD, it'll count towards your RMD requirement. So say you
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have to take out ten thousand dollars a year, but you like to give
17:45
to your church. Maybe you like to give to your church monthly or some
17:48
other charity. You can actually decide, Hey, I want to take five
17:52
thousand of that ten thousand dollars. Have my custodian directed directly to the church.
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The church is going to be happy if they get it in a sum
18:00
or twice year, whatever you want to do, and that will actually reduce
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your taxable amount from your distribution. But there's some really important things to understand
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about this. One is it has to come out by from your IRA by
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the RMD deadline, which is December thirty first every year. And it has
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to be an eligible qualified charity, so I five, O one, C
18:22
three organizations things like that. You need to remember that your children are not
18:26
a charity, so this would not apply, even though it seems like they
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are. And something CJ is going to discuss donor advised funds, which we
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talked about sometimes at the same time as qcds. These actually are not permitted
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to receive qcds on a tax advantage basis, so we'll discuss that in a
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few minutes. So well, I want to point out something though, normally,
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and especially before we all started with these higher levels of standard deductions,
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we would all keep track of every donation we made and then we would you
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give it to our accountant and it would be a charitable deduction. Well,
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if you're doing a QCD, you're you're having a thousand dollars sent to your
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church. You don't also get to take a deduction for it. Okay,
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it's it's it's an amount that you're not going to have to pay taxes on
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it, but you don't get to go the other way as well and deduct
19:18
it. And I think the biggest thing I wanted to make sure everybody heard
19:22
today because if you're involved in in participating in the QCD distribution, you need
19:29
to understand that this is not going to show up as a single line item
19:33
on your ten ninety nine R. You may have contributed via qcds to your
19:40
charities and so forth, but it's not delineated on that actual ten ninety nine
19:47
R. So you need to properly report this to your accountant that qcds were
19:52
made, because we don't want you to end up paying taxes for something that
19:56
you know you distinctly had go directly from your custodian to the charity. So
20:00
keep records of the charity noting the distribution. Provide this to your accountants so
20:06
you can get credit for your generous donations. Something I know accountants really appreciate
20:11
and love records. They do those nice little spreadsheets. Yeah, that makes
20:15
life easier for everyone. And what a great opportunity and a great option for
20:19
you as we talk with CJ, Claus and Malia Quavis this week about charitable
20:22
givings and of course when it comes to qcds, really great options for you.
20:29
Start a conversation with CJ, Malie and the team at Quass Financial.
20:32
I got to just pick up phone gam McCall six so eight four four two
20:34
five six three seven. Don't forget that first deployment at Quass Financial. It
20:37
will be complimentary to you again the number six O eight four four two five
20:41
six three seven. Learn more online Class Financial dot Com that's k l a
20:47
as financial dot Com. We're going to conture our conversation with CJ and Malia.
20:52
You heard Malia mentioned of course donor advised funds. We'll get the details
20:56
from CJ. We will do that next as Money in Motion with Claus Financial
21:00
continues right here on thirteen ten WIBA. This is Money in Motion with Class
21:08
Financial, a fun and informative show designed to help you get answers to all
21:12
your retirement questions in one place. S talking with our retirement planning professionals from
21:17
Class Financial, c J, Class and Malia Quavis. The website Class Financial
21:21
dot Com. That's klaas Financial dot com. Great website great resource to learn
21:26
more about Class Financial. Obviously, mornings a lot of us come and go,
21:29
get out of the car, maybe pick up some coffee or some other
21:32
things, and jump back in. Maybe a miss part of the program.
21:33
You can always listen back at class financial dot com. You can also listen
21:37
to previous shows podcasts there as well, and sign up for the weekly Market
21:41
Pulse newsletter. That all available to you at class financial dot com. Their
21:45
telephone number six O eight four four two five six three seven, no charge
21:49
for financial gets no you appointment at class Financially. It is complimentary to you
21:52
again that number six O eight four four two five six three seven. Talking
21:56
about rmds, and then of course I've talked out charitable giving and some options
22:02
there when it comes to when it comes to charitable giving from your RMD and
22:07
what you're able to do there with qcds, and that brings us to donor
22:11
advised funds. What exactly are those cj and can we save on taxes by
22:17
using that option? Yeah, So we as an organization, we're huge fans
22:22
of donor advised funds. So um, I do want to before we get
22:27
into them. I do just want to really reflect back on what Malia just
22:33
ended her segment with that those those qualified charitable distributions that come out of your
22:40
IRA do not specifically get identified as qualified charitable distributions. They just show up
22:47
as part of your ten ninety nine are from your investment at your retirement account
22:51
wherever that resides. Therefore, you must notify your accountants. I'm really just
22:56
repeating what Malia just said. You must notify your accountant because if your accountantcies
23:00
charitable receipts, they're going to assume they are itemized deductions and they're gonna stack
23:07
them up to see if it's enough to exceed the standard, and often they
23:11
are not. And therefore, if they just get those receipts, they have
23:14
no way of knowing that that was a QCD. So there's no documentation of
23:18
this. Therefore, I just we cannot emphasize this enough. We see so
23:22
many errors in this. Please please, please please, If you are going
23:26
to do a qualified charitable distribution, which is a distribution from your retirement account
23:30
directly to a charity, you need to immediately notify your account. Okay,
23:36
I think i think we've hit that one enough. But to these donor advice
23:40
funds. This is different. So think of it this way. Qualified charitable
23:44
distributions are a way to not have to add those minimum distributions to your taxable
23:52
income. Right, so think about it. Why why am I forced to
23:56
do these minimum distributions? And the answer is Uncle Sam has allowed you to
24:00
divert taxes long enough. Therefore Uncle Sam wants you to pull that money out
24:03
now and pay income taxes on it. But one way to avoid those income
24:07
taxes is by giving it directly to a charity, whereby it does not add
24:11
to your taxable income. Well what if what if I either am not eligible
24:18
yet for qcds, or if if I want to actually use larger chunks of
24:25
cash because maybe I sell a business, then I've got multimillions of dollars coming
24:29
in. It's going to cause me massive taxation. Are there ways when I'm
24:33
not yet RMD age or when I have a big taxable event for me to
24:37
use that year to bring down my taxable income. Yes, this is what
24:44
a donor advised fund does, really really well. It's called a tax bunching
24:48
strategy. So I know we're running out of time here, so I'm just
24:52
going to cover it at a very high level donor advised fund is a charitable
24:59
and okay, so we use fidelities donor advice fund. When I make a
25:04
donor advised fund contribution, of I'll use cash. In this example, if
25:10
I have a big sale of a business and I decide I want to put
25:14
five hundred thousand dollars of that cash that I receive into a donor advised fund.
25:21
That shows up as an itemized deduction, but because it's so large,
25:25
it well exceeds the standard deduction, of course, so it's called I'm bunching
25:30
my contributions. It goes into the donor advice fund, which is in and
25:33
of itself, an irrevocable donation to a charity. But then the donor advice
25:40
fund just holds the moneys in there. I can invest the I want to,
25:45
but I can then, if I'm on the Fidelity Charitable website, go
25:48
and find any publicly registered charity and give dollar amounts out of that at will
25:55
over however many years into the future that I want to. And then when
25:59
I die, if there's money left over in that donor advice fund, I
26:02
just name beneficiaries or believe it or not, I can even name my children
26:06
to continue that thing on for some period of time. Now there's some limitations
26:08
on that. There's also limitations on how much you can put into these donor
26:12
advised funds as a part as it relates to your total income in a given
26:18
year of what are called AGI limitations. And then you can also use highly
26:22
appreciated stock to actually do donations to donor advice funds, but then the limitations
26:26
of the AGI goes down even further. But here's all I would say to
26:30
you. This concept should be simple enough for even over the year for you
26:34
to go, WHOA, that's really interesting, big year, big taxable event.
26:40
Who knows what it's you know, impacted by. Maybe you're an epic
26:42
employee who had a bunch of you know, stock appreciation rights. So I
26:48
think you have called them stars over there. You had a bunch of stars
26:49
come do and you go, oh my goodness, it's this passive income that's
26:52
spiking my income. Will you could do a donor advice fund contribution. Maybe
26:56
you're a small business owner that finally had a liquidity event. You can do
27:00
these daft contributions to bring down that taxable income in a year and basically pre
27:04
fund the next ten or twenty years of your giving without having to give it
27:10
to the final resting place immediately. So really exciting stuff here. If you've
27:14
not looked into donor advised funds, definitely something we would suggest. In final
27:18
tip, some of you are getting smart right now and you're going, ooh,
27:22
what if I took my qualified charitable distribution from my RMD and put that
27:29
into the donor advised fund? You can't do that. So you can't use
27:33
qcds to fund donor advised funds, but you can into private foundations or into
27:37
some other foundations. So long story short, speak to your accountant, speak
27:41
to your financial advisor. A lot of exciting things going on in the charitable
27:45
giving world, really good opportunities and as you mentioned, exciting things going on
27:49
there. And of course as we talk with CJ. Class and Malia Quavis
27:52
each and every week, it's a great opportunity to learn more about Class Financial
27:56
by heading on over to their website Class financial dot com. It's klaas financial
28:00
dot com. Again, a great website, great resource for you to learn
28:03
more about Class Financial. Also sign up for the weekly Market Pulse newsletter and
28:07
listen back to the podcast at Class Financial dot Com. Their telephone number the
28:11
office right here in Madison six O eight four four two five six three seven.
28:15
No charge for that. Ininanci'll get to know the appointment at Class Financial.
28:18
It is complementary to you again their number six O eight four four two
28:21
five six three seven. You want to hold on to that number as well,
28:23
because it's time now for the Class Quiz Question the Week. It works
28:26
like this and just moment I will ask you the class quiz question a week.
28:30
You will then have thirty minutes from the end of day's program to call
28:33
the Class Financial office at six O eight four four two five six three seven.
28:37
If you are the first caller with the correct answer, you'll win this
28:40
week's prize, which is a twenty five dollars gift card two Best Buy.
28:44
This week's Class Quiz Question the Week is this, When utilizing a QCD Qualified
28:48
Charitable Distribution, what is the limit for a taxpayer per year to transfer?
28:56
Is it up to fifty thousand dollars or one thousand dollars? Telephone number six
29:02
to eight four four two, five, six three seven first off correct mansone
29:04
the twenty five dollars gift card two best Buy and again. That's Class Financial's
29:07
office right here in Madison six to eight, four four, two, five,
29:11
six three seven C J Malia. It is always great chatting with you
29:15
guys. You enjoy this most beautiful day. Thanks Son, Thanks. News
29:18
is next right here on thirteen ten WIBA. This is Money in Motion with
29:27
Class Financial Asset Advisors LLC, a registered investment advisor registered with the SEC.
29:34
The content of this show is for informational purposes only and should not be considered
29:40
individual investment advice. Class Financial does not offer tax or legal advice. Any
29:45
opinion offered during the course of this show is the opinion of that particular investment
29:49
advisor representative, and not necessarily the opinion of Class Financial