Charitable Contributions

We have appreciated the gift of several Required Minimum Distributions (RMD) from our community. At 70 ½, one must start pulling money out of the IRA, workplace 401(k), or similar type retirement accounts or face consequences. There are exceptions, such as if you’re still working and participate in these style programs. But, the general rule is to start making withdrawals after hitting 70 ½. Failure to pay heed can mean a 50% tax penalty on the amount that was supposed to be withdrawn but wasn’t. Many account owners, upon reaching 70 ½, are finding that they don’t yet need to live on money withdrawn from their account.
 
You can donate your RMD directly to a qualified 501(c)(3) public charity. As long as the charity qualifies, this distribution can be made tax-free. Charitable contributions can only be made from IRAs, not 401(k)s or similar types of retirement accounts, so you might need to roll funds over from a 401(k) to an IRA if you want to make tax-free charitable contributions part of your retirement plan. You don’t need to itemize your taxes in order to make an IRA charitable distribution. However, you cannot additionally claim a charitable contribution tax deduction on a charitable distribution from your IRA. Anyone who is interested should contact their accountant or Tax Preparer for advice. Thank you for the many ways you support the Franciscan Renewal Center.
 
— Charlie Brown, General Manager

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