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Charitable Gifts from your IRA
Posted By:  Rob Lemmons CFP®, CPA, AIF®, CEPA
Tuesday, April 21, 2020

Charitable Giving

How does it work?

  • A qualified charitable donation (QCD) is money that individuals who are 70 1/2 or older direct from their traditional IRA to eligible charitable organizations.
  • The cap is $100,000 per individual per year. The IRA distribution is excluded from the individual's income and therefore, cannot be taken as a charitable contribution deduction on their tax return.
  • Qualifying charitable distributions can be made to community foundations and most public charities, but not to donor advised funds.

Required minimum distribution (RMD)

Based on IRS laws, at age 72 qualified charitable distributions qualify as required minimum distributions.

Tax Planning Opportunities

Whether or not an individual takes advantage of this law should depend on their specific tax situation. Personal income, itemized deductions, state of residence and many other factors will greatly impact the decision to give through IRA distributions or the more traditional way of gifting and taking a charitable tax deduction.

Proactive tax planning throughout the year is the key to reducing taxes over your lifetime and maximizing your after-tax dollars for wealth accumulation. This is accomplished by applying changing tax laws to your specific situation.

Tax planning is complex and requires the guidance of a trusted and experienced advisor, such as a fee-only Certified Financial Planner™ (CFP®), who plans comprehensively, and with a complete understanding of your particular concerns and goals in life.

For more information please visit us at www.twpteam.com or contact Rob Lemmons, CFP®, CPA, AIF at 513-984-6696.





 
 
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