In this video, you will see how to use the Advanced Tax Calculation features in SIPS to model Qualified Charitable Distributions (QCDs). QCDs are a powerful tool for clients looking to make charitable donations while reducing their taxable income.
Video Highlights:
- Introduction to QCDs: Charitable donations from IRAs that reduce the taxable portion of IRA distributions.
- Eligibility: Clients aged 70 ½ and older can make QCDs up to $100,000 per year (or $200,000 for couples).
- Step-by-step modeling of QCDs using the SIPS Advanced Demo client scenario “8. QCDs”.
- Detailed walkthrough of adding income adjustments and creating tax scenarios to illustrate the tax impact of QCDs.
- Real-time demonstration of the tax benefits on the 1040 tax form.
Benefits of QCDs:
- Reduce Taxable Income: Exclude the donated amount from taxable income.
- Fulfill Charitable Goals: Support favorite charities in a tax-efficient way.
- Optimize RMDs: Meet distribution requirements while benefiting a good cause.
By the end of this video, you’ll understand how to leverage QCDs for tax-efficient charitable giving and how SIPS can simplify the planning process.
For more planning resources and tutorial videos, visit www.sipsplanning.com. For more information about our outsourced financial planning services, visit www.planscout.com
