Unlocking the Power of QCDs

📞✨ Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

Giving to charity feels great. But what if you could do it in a way that also gave you a tax break, without needing to itemize? That’s where a Qualified Charitable Distribution (QCD) comes in. And if you're over 70½, this could be a game-changer. In this episode, Wade brings in a special guest: Sean Phillips, Vice President of Wealth Management at Chessman Wealth. Together, they break down everything you need to know: what QCDs are, how they work, and why the IRS finally made a move to improve how they’re reported.

It’s a great step, but there’s still a lot of confusion. Wade and Sean make it easy to understand how QCDs can reduce your taxable income, count toward your RMDs, and help you support causes you care about—without triggering more tax headaches. They also share why custodians aren’t exactly racing to implement the new IRS update, what to watch out for when reporting QCDs, and how to make sure your CPA and advisor are on the same page.

Here’s some of what we discuss in this episode:

📜 What a QCD is & why it matters

💸 Why writing a check might cost you more in taxes

📉 Reduce your taxable income with QCDs

🧾 The IRS’s new QCD reporting rule (and why custodians aren’t ready)

⚠️ The mistake that leads people to pay taxes they didn’t need to

 

Connect with Sean: https://www.chessmanwealth.com/team-members/sean-phillips/ 

 

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.