How can you send money to your favorite charity and reduce your taxes and estate taxes?
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How can you send money to your favorite charity and reduce your taxes and estate taxes?
In this article, we review different ways to send money to your favorite charity and reduce your taxes and estate taxes.
How to send Required Distributions (RMDs) to charities using Qualified Charitable distributions (QCDs):
You can send Required Minimum Distributions (RMDs) from your Individual Retirement Account (IRA) directly to charities through what's called a Qualified Charitable Distribution (QCD). Here's how you can do it:
Verify your eligibility: You must be 70½ or older to make a QCD. The distribution must be made directly from the IRA to the eligible charity. The QCD is limited to the amount that would otherwise be taxed as income. This would be the amount of the distribution minus any recent nondeductible contributions to the IRA.
You can read the full article which outlines many more ways to send money to your favorite charity by clicking here.
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.