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required minimum distribution
1. At what age di I need to start taking required minimum distribution?
2. How do I calculate the required amount?
3. How does charitable giving from tax deferred account impact RMD?
1) if your turn 73 in 2024, you must take the RMD no later than April 1, 2025 (but waiting until 2025 means you will have two RMDs in 2025)
2) it is rather simple, take the balance in your IRA as of 12/31/23 (yes 2023), and divide by the number in this table: in your case: 26.5. That is the RMD for 2024.
https://www.bankrate.com/retirement/ira-rmd-table/
3) QCD's give you credit for the RMD without paying tax on it. Let's say your RMD is $20,000. upon distribution, that is taxable income to you. However, let's further assume you direct the IRA custodian to send $5,000 to your favorite charity and then you distribute an additional $15,000 to satisfy the rest of the RMD requirement. In this case, you would only need to report $15,000 as taxable income.
It is important when doing a QCD that you do not receive the money and then donate it. You must direct the custodian to send it directly to the charity.
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