YOU HAVE AN IRA?
The end of the year brings with it so many hard decisions for a family. What should I bring to the office party? Who will we invite for Christmas dinner? How much should we donate from our IRA?
Not the last one? OK, that’s alright. You can stop reading. This is for those folks who do have IRAs. We’ll catch up with the rest of you in the New Year.
Are you at least 70.5 years old? You could decrease your 2019 taxable income by making a Qualified Charitable Distribution from your Individual Retirement Account! If you do have an IRA, you likely know that you have a required minimum distribution to make each year, so why not allow it to work for you and your favorite non-profit?
The money can’t qualify for the tax relief if it goes to a donor-advised fund or life income gift, but it can if it goes to an impactful organization, like, say, the Putnam City Schools Foundation (just as an example, of course). Though this gift wouldn’t count as a charitable deduction (even if you itemize) it does lower your taxable income, thereby providing the tax benefit you seek.
If you need help with language for your financial advisor, or more information, please see our Planned Giving page on our website.
If you decide to take advantage of this opportunity, let us know so we can be on the lookout for your gift.
Until 2020, Happy Holidays to you all!
December 19, 2019