Holiday Giving vs. Tax Turmoil

It’s a question on the minds of many as they make their year-end giving decisions – will I have this opportunity again in 2018?

With tax code changes on the horizon, that’s a tough question to answer. Right now, however, there are still several charitable giving options to take advantage of in the last days of 2017.

One of those options is an IRA charitable rollover. If you’ve reached the age of 701/2 and you don’t need the income from your traditional IRA, you can reduce your federal income tax by donating it. 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.

If you’re planning your year-end giving for 2017, contact Jenny Doud at 540.444.2940 or to learn more about this opportunity.