24 Apr IRA Charitable Rollover
Did you know…you can satisfy your Required Minimum Distribution (RMD) while saving taxes and supporting local charitable causes? This is an excellent opportunity to make a gift during your lifetime from an asset that could be subject to multiple levels of taxation if it remains in your taxable estate. The RMD is the smallest amount account holders must withdraw from their plans each year once they reach retirement. If you fail to meet your RMD, the amount not withdrawn could be taxed at 50%. If you have an RMD on your own account or an inherited account, donating to charity is a great option. Your required withdrawal will be included in your taxable income and cannot be rolled into other tax-deferred accounts. However, donating your RMD to a charitable organization like the Community Foundation is a Qualified Charitable Distribution (QCD) and will not be taxed up to $100,000 per person. Tax benefits aside, earmarking this income for charity is a great way to begin or expand your giving portfolio to support the causes you care about. Are you 70 ½ or older? Do you have an RMD? Have you thought about how much your distribution will be this year from your account and...