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!


Got questions?

Email [email protected]


More Ask the Hammer

Can I Use Money From an RMD to Contribute to a Retirement Account?

Is It Possible to Make a Mistake When Claiming Social Security?

What Do I Need to Know About Rule 72(t)?

What’s Some Advice for Uncovering Marital Assets in a Divorce?

Am I Always Eligible for the 0% Capital Gains Tax Rate?

When Should I File My Taxes?

How Do I Invest the Fixed-income Portion of My Portfolio?

Should Parents Provide Financial Support to Adult Children?

What’s the Value of a Risk Tolerance Questionnaire?

How Do I Select the Best Retirement Plan Payout Option?

What Are The Distribution Rules for Beneficiaries of Inherited IRAs?

Should We Worry About National Debt?

What are Some Tips on Buying a Used Car?


Follow us on Instagram and Twitter!






Source link