Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70-1/2 or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. A popular way to transfer IRA assets to charity is through a tax provision that allows IRA owners who are 70-1/2 or older to give up to $100,000 per year of their IRA distributions to charity. These distributions are called qualified charitable distributions, or QCDs. The money given to charity counts toward the donor’s required minimum distributions (RMDs) but doesn’t increase the donor’s adjusted gross income or generate a tax bill. Contact us for more information.
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