It seems nearly impossible that it’s almost Fall! And as we consider all the activities and events the end of the year brings, for some of you it means thinking about your RMD. For those not yet reaching their seventies, the “RMD” is a Required Minimum Distribution from a traditional IRA. Those with a RMD have an opportunity to use some or all of the money they are required to take out annually for a charitable purpose.
It’s easy to use your IRA to make your annual stewardship gift to your church or to support other favorite nonprofits. Tell your IRA custodian to send whatever amount you like directly to the organization. It’s important that it goes straight to the church or other nonprofit. If the funds are sent to you, income tax is due on them. By sending them directly to the organization, no income tax is due. That amount is noted on your tax documents as a Qualified Charitable Distribution.
And IRA funds may be the best to use for your philanthropy. If you would like to learn more about gifting from your IRA, give our office a call. We would love to help you make thoughtful charitable decisions.
Meanwhile, enjoy these last few pre-fall days before the whirlwind of the holidays!