In this episode of Ask the Hammer, the Retirement Daily reader's question is:
Will a QCD (qualified charitable distribution) in excess of one’s RMD (required minimum distribution) amount help to reduce modified adjusted gross income for IRMAA (income-related monthly adjustment amount) purposes?
Our expert, Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Retirement Daily editor Robert Powell to answer this question.
Levine talks about:
- How QCDs do (or do not) impact income
- How QCDs can impact RMDs
- What IRMAA is
- If you can use QCDs to reduce IRMAA
- What can push your income higher and when it will impact IRMAA
- Why social security uses tax returns from two years prior
Make sure to watch the episode to get the full scoop!
Stay tuned for more Ask the Hammer!