Dr. Friday explains that Social Security benefit taxation remains unchanged, with up to 85% potentially taxable. She also highlights qualified charitable distributions as a way some retirees can lower taxes.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
For all of you that are on Social Security, Social Security taxation has not changed. Up to 85% of your benefits will be taxed.
There is something called a QCD, though, for all of my listeners that are 70 and a half. If you give to charity, remember you can take that directly out of your IRA, your 401(k), any of them where you would normally have a required minimum distribution.
At 70 and a half, you can give it direct, save 100% of taxes on that money, and not worry about itemizing at all.
If you don’t know about that, you need to talk to your financial person. But you can also contact me at drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.