How IRA deductions can be donated to nonprofitsThey say charity begins at home, but your charitable donationsmay go further if they never wind up at home or in your bankaccount. That's because, if you're a senior 70 1/2 or older youcould get a great tax break by donating your IRAs minimumrequired distribution (MRD) directly to a charitable nonprofitorganization. Depending on your financial circumstances, thiscould be a smart way to give generously while reaping somebenefits yourselfHow it worksAn IRA can be a useful way to save for retirement and a valuablewealth-building tool.And while you've contributed to your IRAaccount for years so you can reap the benefits later,you may notbe ready to take your distributions when required at age 70 1/2If that's the case, you may benefit from a smart and generous taxbenefit contributing your IRA distributions directly from youraccount to a charitable nonprofit organization, or 501 (c)(3).Since you made contributions to your IRA account on a pretaxbasis, youll be required to pay taxes on distributions from that because she helps community members doaccount when you begin receiving them.These distributionsincrease your taxable income, which may complicate your financialsituation. For some, the added income may place the taxpayer into County.Stammerjohn heFind out moreit every day.Through the Community Foun If you're ready to find out more aboutdation of Greenereducing your taxable income while givingto charity, the Community Foundation ofGreene County will be holding an infor-mational seminar Nov. 12 at 7 p.m. at thelps communityigher tax bracket. For others, it could be a way to ensure your charitable organizations of their choosing.charitable contributions are tax-free, even if you don't qualify toitemize your deductions.members create endowments to benefitCommunity Foundation's officburg, advising individuals and nonprofitses in Waynes-And for those who qualify, she always recom-wments be funded throughon the benefits of donating through IRAWho should do it?According to Bettie Stammerjohn, executive director of Community Foundation of Greene County, any IRA holder over 70 1/2who donates to a charitable nonprofit stands to benefit from thistax break.IRA accountsdistributions.An endowment differs from a typical do-nation in that the donations are invested,and proceeds of those investments are thendistributed regularly to the organization ofIf you don't need it, donate it," Stammer-john said. "It benefits you while doing somegood for the community.The typical American household supports five to 10 charitableorganizations per year," Stammerjohn said."This is a way to sup-port those organizations while decreasing your taxable income."This article is brought to you bypWe help individuals find ways to share theirgifts with the community. Stammerjohn said.nity FoundationAdditionally, with a new tax plan in effect as of 2018 that doubles "Endowments allow your donated funds tthe standard deduction, it's possible you'll no longer itemize your keep giving year after year."deductions the only way to take advantage of the charitablegiving deduction. Giving through your IRA distributions allows youto get the same tax break without itemizing your deductions.for everCommunity Foundation of Greene Countyendowments also come with a special perk:convenience.of Greene CountyAccording to Forbes, the only reason not to take advantage ofcharitable donations made through your IRA distributionsyou're able to get a greater tax benefit by donating substantiallyappreciated long-term capital gains property.Since your donations are invested, thosefunds just continue to grow," Stammerjohnsaid. "There's no need to write a check everymonth, and the organization you chooseA journalism groduate from Brigham YoungUniversity, Kristen has experience writinga variety of fields, including art and culture,health and fitness and financial and realMaking it easyreceives a regular income it can count on andestaervices. Kristen has written for USAStammerjohn understands the benefits of gifting through your IRA plan around:"Today, SFGate and the Knot.

Date: November 8, 2018

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How IRA deductions can be donated to nonprofits They say charity begins at home, but your charitable donations may go further if they never wind up at home or in your bank account. That's because, if you're a senior 70 1/2 or older you could get a great tax break by donating your IRAs minimum required distribution (MRD) directly to a charitable nonprofit organization. Depending on your financial circumstances, this could be a smart way to give generously while reaping some benefits yourself How it works An IRA can be a useful way to save for retirement and a valuable wealth-building tool.And while you've contributed to your IRA account for years so you can reap the benefits later,you may not be ready to take your distributions when required at age 70 1/2 If that's the case, you may benefit from a smart and generous tax benefit contributing your IRA distributions directly from your account to a charitable nonprofit organization, or 501 (c)(3). Since you made contributions to your IRA account on a pretax basis, youll be required to pay taxes on distributions from that because she helps community members do account when you begin receiving them.These distributions increase your taxable income, which may complicate your financial situation. For some, the added income may place the taxpayer into County.Stammerjohn he Find out more it every day.Through the Community Foun If you're ready to find out more about dation of Greene reducing your taxable income while giving to charity, the Community Foundation of Greene County will be holding an infor- mational seminar Nov. 12 at 7 p.m. at the lps community igher tax bracket. For others, it could be a way to ensure your charitable organizations of their choosing. charitable contributions are tax-free, even if you don't qualify to itemize your deductions. members create endowments to benefit Community Foundation's offic burg, advising individuals and nonprofits es in Waynes- And for those who qualify, she always recom- wments be funded through on the benefits of donating through IRA Who should do it? According to Bettie Stammerjohn, executive director of Commu nity Foundation of Greene County, any IRA holder over 70 1/2 who donates to a charitable nonprofit stands to benefit from this tax break. IRA accounts distributions. An endowment differs from a typical do- nation in that the donations are invested, and proceeds of those investments are then distributed regularly to the organization of If you don't need it, donate it," Stammer- john said. "It benefits you while doing some good for the community. The typical American household supports five to 10 charitable organizations per year," Stammerjohn said."This is a way to sup- port those organizations while decreasing your taxable income." This article is brought to you by pWe help individuals find ways to share their gifts with the community. Stammerjohn said. nity Fou ndation Additionally, with a new tax plan in effect as of 2018 that doubles "Endowments allow your donated funds t the standard deduction, it's possible you'll no longer itemize your keep giving year after year." deductions the only way to take advantage of the charitable giving deduction. Giving through your IRA distributions allows you to get the same tax break without itemizing your deductions. for ever Community Foundation of Greene County endowments also come with a special perk: convenience. of Greene County According to Forbes, the only reason not to take advantage of charitable donations made through your IRA distributions you're able to get a greater tax benefit by donating substantially appreciated long-term capital gains property. Since your donations are invested, those funds just continue to grow," Stammerjohn said. "There's no need to write a check every month, and the organization you choose A journalism groduate from Brigham Young University, Kristen has experience writing a variety of fields, including art and culture, health and fitness and financial and real Making it easy receives a regular income it can count on and estaervices. Kristen has written for USA Stammerjohn understands the benefits of gifting through your IRA plan around:" Today, SFGate and the Knot.

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