global Tax If I Don’t Need the Money, Do I Have to Take My RMD? December 05, 2023 Wondering what else you can do with your Required Minimum Distribution (RMD)? We have some alternate planning options here. Read on. Don’t need the RMD money? You can opt to make a Qualifying Charitable Distribution (QCD), purchase insurance, and more. We explore alternate planning options in our whitepaper. For now, here’s a sneak peek. Alternate planning options Make a Qualified Charitable Distribution: You can opt to donate all, or a portion of your RMD directly to a charity through a QCD. A QCD can help you lower your taxable income and benefit the charities of your choice, because it doesn’t have to be included in your income. It’s considered an “above-the-line” deduction, meaning that it reduces your gross income as opposed to a potentially limited itemized deduction. You can donate up to $100,000 per spouse directly from your IRAs, subject to certain limitations. Purchase long-term care insurance: Another option is using the RMD to purchase long-term care insurance, which covers expenses associated with chronic illnesses, disabilities and other conditions. It generally covers home care, assisted living, adult daycare, nursing home and Alzheimer’s facilities. Read more about alternate planning options in our whitepaper Your Guide to Required Minimum Distributions (RMDs). Contact us to take the guesswork out of taking RMDs and for more details on what’s changed under recent legislation. We can help you comply with the rules and minimize any adverse tax consequences.