If you’ve reached the age of 701/2, and are considering ways to reduce your federal income tax on unneeded, but required distributions from your traditional IRA – a charitable gift made via IRA rollover may be an option for you.
How does it work? Once you’ve reached the required age, you can make gifts of up to $100,000 per year to a qualified charitable organization such as Feeding America Southwest Virginia – directly from your IRA. These gifts count toward your Required Minimum Distribution (RMD), and are not included in your adjusted gross income.
A charitable contribution directly from your IRA is a great way to make a gift during your lifetime and can benefit so many people. If you’re planning your year-end giving for 2017, contact Jenny Doud at 540.444.2940 or email@example.com to learn more about this opportunity. And, as always – be sure to contact your plan administrator to discuss how you can use this gifting method in your tax and financial planning.