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Ask the Hammer: Can I Access My Retirement Funds Without Paying Income Tax?

Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners answers a Retirement Daily reader's question about retirement funds and income tax.

In this episode of Ask the Hammer, the Retirement Daily reader's question is:

I am approaching 70 years old and I would like to access my retirement funds without paying income tax on them and tithe to my church. I understand that is possible and avoids any federal income tax, but the age requirement is what I’m not sure about. So, what are the requirements for this process? I don’t have much in the account, so it wouldn’t take long to exhaust all my funds, but it would go a lot further if there is no tax.

Our expert, Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Retirement Daily editor Robert Powell to answer this question.

In this episode, Levine covers:

  • What a qualified charitable distribution or QCD is
  • The benefits of a QCD
  • Whether or not it is possible to donate annually instead of monthly
  • If you can make a QCD without an RMD

Make sure to take a look at the episode to get all the details and the full answer to this question.

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