Give Directly From Your IRA to Your Favorite Charity Background: In the year that a taxpayer reaches age 70-1/2, the IRS requires minimum distributions (RMD) to begin. If you do not need all of the RMD for living expenses, there is a provision which allows distributions to be made directly to a qualified charity thereby excluding…
Individuals who deposit pre-tax funds into an Individual Retirement Account (IRA) or employer-sponsored 401(k) retirement account are required to begin withdrawing a minimum dollar amount each year once they reach age 70 ½. The Internal Revenue Service (IRS) requires investors to begin taking money out to ensure these tax-deferred savings ultimately become taxable! This is…
Almost every single client we meet with over the age of 65 asks “what about the required minimum distributions from my IRA?” and with good reason! Even if the specifics are not understood, what most do know is that this is very important to get right. The first element to understand is when a distribution…