This post was written by Larry Blair.
If you are age 70½ or older, an IRA rollover is a simple and easy way to use your individual retirement account to reduce taxes and help a charitable organization. Consider the advantages:
- Your gift will qualify for your 2017 IRA required minimum distribution.
- You will not have to pay federal income tax on the amount given from your IRA (up to $100,000 per year)
Simply tell your IRA plan custodian to make a transfer from your IRA account directly to the charity. For more information, contact Larry S. Blair.