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We provide a comprehensive view of your financial life and all the factors that go into life planning. What this means to you is help with personal decision making and putting a date on things. We help you manage your finances and investments, while taking into consideration tax planning, professional moves, children, retirement, healthcare and other important priorities. It’s about life planning and gaining more comfort with your long-term financial security.
 

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Charitable Gifts from your IRA?
Posted By:  Rob Lemmons CFP®, CPA, AIF®, CEPA
Monday, June 18, 2018

Charitable Gifts from your IRA?As you begin planning your charitable giving for 2018, keep one strategy in mind for those over 70 ½ and taking required minimum distributions.

Under the “Tax Increase Prevention Act of 2014” individuals are allowed to distribute up to $100,000 from an individual retirement account (IRA) directly to a qualifying charity without recognizing the IRA distribution as income. 


How does it work?


A qualified charitable distribution is money that individuals who are 70 ½ 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, once an individual reaches age 70 ½ they are required to receive annual distributions from their traditional IRA based on life expectancy.  For purposes of RMD’s, 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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