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Smart Year-End Giving: IRA Required Minimum Distributions
Learn how to direct all or part of your retirement plan required minimum distribution to a charity or charities of choice.
October 4, 2018 — At this time of year, many people more than 70 1/2 years old are in discussions with their financial advisors on how, when, and what to do with the required minimum distribution (RMD) from their qualified retirement plan. If you are in this situation and have charitable intent, you may want to direct all or part of your RMD to a charity or charities of choice.
Individuals can transfer up to $100,000 a year without paying any tax on the transaction. In addition, the RMD will not be taxed as income and you may even be able to lower your overall tax burden as a result of the additional charitable deduction.
Making the election to transfer all or part of your RMD to a nonprofit, such as EAA, or nonprofits is easy. Just let your broker or financial advisor know the name and address of the organization, how much you would like to donate, and your advisor will do the rest. If you have any questions on this topic, please contact your financial advisor or Ken Strmiska, EAA Vice President of Philanthropy & Donor Stewardship at (920) 426-5901 or firstname.lastname@example.org.