http://edfell.com/university-on-wheels/ Happy Birthday, you turned 70 1/2 and now you are required to start taking money out of your IRA accounts. The required minimum distributions (RMD) must be taken each year after your 70 ½ birthday. This rule does not apply to ROTH IRA accounts.
buy lasix online australia Some retirees who have reached that magical age, might consider a Qualified Charitable Distribution (QCD). If you are making charitable donations anyway, the QCD is a good way to fulfill your RMD and reduce your tax liability.
buy you a drank lyrics You must transfer money from your IRA directly to your church or charity of your choice. If your RMD is $10,000 and you want to contribute $5,000 to charity, then you do the QCD directly to your charity and take the remaining $5,000 distribution. You will only be taxed on the $5,000. This is particularly a good move if you have very few itemized deductions (ie, no mortgage interest) and you will take the standard deduction. You can take the standard deduction and still get a tax benefit for the charitable donations that you are making.
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