Q: How does giving to a charity from my Individual Retirement Account work?  – T.A., Winter Garden

A: Since you are over 70½ years old you can make what’s called a Qualified Charitable Distribution. QCDs are tax-free payments from your IRA directly to a non-profit organization of your choice.  When you start taking Required Minimum Distributions from your IRA, QCDs will count towards your RMD and help you reduce your taxable income. – Charlie Fitzgerald, III

Q: I retired at age 62 and started receiving my Social Security benefits. I will need to start taking distributions from my IRAs soon. I have one IRA in a brokerage account and another in an annuity.  From which account should I start my distributions?  – No name given

A: Consider taking your distributions from the brokerage IRA first. Before taking any distributions from your annuity IRA prior to age 72 required RMD starts, review the distribution provisions for the annuity with your representative to determine how they will affect your account balance and future income from the earnings.  – Sylvia C. “Chris” Presley 

Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.