Our focus is to help you find areas to improve your family and business value, your taxes and your giving. In 2015 Congress made permanent some legislation that may help you manage your taxes while also optimizing your giving. If you are over 70 ½ and own a retirement account, you may be required to take a certain amount of money out or face a 50% tax penalty. This is called the Required Minimum Distribution (RMD). Most families think that the only option is to take the RMD and pay the taxes on the distribution. With the new legislation, you can now send your RMD directly to a qualified charity in the form of a Qualified Charitable Distribution. Less taxes, more giving… win, win.
If you want more information on how this works, I have attached an article from the American Institute of CPA’s which does a good job of spelling everything out.
Eric Dunavant, CFP®
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
This information is not intended to be substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.