Year End Tax Moves to Make Now

Greg Stokes was featured in an article by Rodney A. Brooks for Senior Planet (from AARP):

Retirement doesn’t mean you no longer have to worry about taxes. Quite the opposite – it’s a time when you need to pay extra attention to taxes.

The Required Minimum Distributions, tax-deferred retirement savings, capital gains and all the talk about Roth IRA conversions moves tax planning to the top of your to-do list.

And that doesn’t mean wait till the end of the year. Sit down with your financial team – your accountant, financial planner and tax attorney – now to prepare for the most efficient tax planning for 2024.

A few tax-planning tips from the experts:

Qualified Charitable Distribution

For high-income earners who have started their RMD and don’t necessarily need the money, the Qualified Charitable Contribution makes a lot of sense. You can have up to $100,000 your RMD go directly to the charity or charities of your choice. Spouses can do $100,000 each.

“If they don’t need any portion of that required minimum distribution, and they’re charitably inclined, that’s a great way to avoid tax on their required minimum distribution,” says Gregory Stokes, managing partner at Stokes Family Practice in New Orleans. “And it would not be subject to income tax because it would go directly to the charity.”

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