Probably not while your wife is working. Maybe once she retires, before you have to start RMDs.
A DAF makes sense if you are itemizing deductions and have some highly appreciated assets you can put in it. At 70.5 you could look at making QCDs too. The advantage of a DAF over QCD is the ability to take a full deduction on appreciated holdings. The advantage of a QCD over a DAF is that the donation never count as as income which helps with IRMAA.
If you don't like doing spreadsheets to figure this out maybe it's time to hire a tax accountant.
Congrats on the financial success of your whole family.
A DAF makes sense if you are itemizing deductions and have some highly appreciated assets you can put in it. At 70.5 you could look at making QCDs too. The advantage of a DAF over QCD is the ability to take a full deduction on appreciated holdings. The advantage of a QCD over a DAF is that the donation never count as as income which helps with IRMAA.
If you don't like doing spreadsheets to figure this out maybe it's time to hire a tax accountant.
Congrats on the financial success of your whole family.
Statistics: Posted by Running Bum — Mon Oct 14, 2024 9:43 pm — Replies 2 — Views 62