Last week, new legislation created a special charitable giving opportunity for individuals with an IRA. Instead of paying taxes on your RMD, give it directly to a charity and skip the taxes!
People age 70½ and older can now transfer up to $100,000 of IRA assets annually to public charities including the Community Foundation, without triggering federal income taxes today or estate tax in the future. If married, your spouse is also eligible for the tax-free IRA transfer! If you are going to give money anyway, why not do it and save some taxes at the same time?
We encourage everyone 70½ and older to reach out to us to explore how you can take advantage of this exciting new giving opportunity!