Jan 25, 2024
Yosefa Uber, an expert accountant specializing in American taxes for residents of Israel, sits down with Doug to go over:
- Qualified Charitable Distributions (QCDs) allow you to donate money from your IRA directly to charity tax-free instead of taking required minimum distributions
- To qualify, the money must go directly from your IRA to the 501(c)(3) charity - You can donate up to $100,000 per year per individual this way
- Benefits: Helps you meet your required minimum distribution without paying tax, allows you to donate to charity tax-free
- Eligibility: You must be over age 70.5 when making the donation
- Keep receipts as documentation even though the distribution doesn't show up as taxable income
- Consider connecting your investment advisor and accountant so they can coordinate advice
Resources:
Interview guest Yosef Huber provides US tax services for Americans
in Israel (hubertaxcpa.com)
If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.