Use your required minimum distributions for charitable gifts

November 19, 2016

transfer - don't take your distribution.

 

When you transfer your minimum IRA distribution directly to the Community Foundation (or directly to certain funds at the Community Foundation) you will normally see a sizable tax advantage. What you may not know is that regardless of your situation, you are guaranteed to have a measurable impact on your local community.

What organizations make an impact on you and your family?  How are you interested in giving back to your local community?  Call the Community Foundation or talk to your financial adviser about how you can give back through the Community Foundation.

 

From the IRS Website:  Required minimum distributions

How much must I take out of my IRA at age 70 1/2?

Required minimum distributions (RMDs) must be taken each year beginning with the year you turn age 70 1/2. The RMD for each year is calculated by dividing the IRA account balance as of December 31 of the prior year by the applicable distribution period or life expectancy. This rule does not apply to your Roth IRAs. You can determine your distribution period or life expectancy by using the Tables in Appendix B of Publication 590-B Distributions from Individual Retirement Arrangements (IRAs).

  • Table I - for beneficiaries.

  • Table II - for owners whose spouse is 10 years younger and the IRA's sole beneficiary

  • Table III - for all other owners (most IRA owners will use this table)

See the discussion of required minimum distributions and worksheets to calculate the required amount.

Click on the blue links for more information, or contact your financial adviser for more information.

 

 

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