Barbara Gray wrote the following blog post back in April of this year. I thought it would be worth re-posting as we enter Fall. This is the time of year when our clients are thinking of charitable donations, and making sure they’ve taken their required distribution from their IRA.
Harli L. Palme, CFA, CFP®
The option to gift charitably from your retirement account has been extended through 2011. This tactic is available only to those individuals that are age 70 ½ and who are already receiving required minimum distributions. The gift counts toward your required minimum distribution, but does not increase your taxable income – so no taxes to pay. You cannot, however, deduct the gift as a charitable contribution. Total gifts cannot exceed $100,000 and must be made directly to the charity from your retirement account.
If you are interested in gifting from your retirement account, please contact your advisor.
Barbara Gray, CFP®