Anyone with an IRA knows that at age 70-and-a-half, you are required to begin taking distributions that count as taxable income, every year. It’s called a Required Minimum Distribution or RMD. But did you know that instead of incurring income tax with your RMD, you can use your RMD to help eliminate it? It’s true!
A few years ago, Congress passed a law allowing all IRA holders to direct their RMDs to a charity they support, and deduct that sum from their total income.
It’s a great way of making a major gift – tax free – to your favorite charity. Saving on your taxes and giving dignity and independence to your neighbors at the same time? That’s a Win-Win!
For more information contact FSL CEO, Tom Egan at 602-285-1800 or by email to learn how you can reduce your taxable income and make a positive impact in your community at the same time.