If you have a tax-deferred individual retirement account (IRA) and you are age 70 1/2 or older, the IRS requires you to withdraw a certain amount from your IRA each year. This is called a required minimum distribution, or RMD, and it increases your total taxable income. However, if the IRA distribution goes directly to a charity, it is tax-free up to $100,000 per year. The IRS refers to this nontaxable distribution as a qualified charitable distribution.
For more information on qualified charitable distributions call the office for an appointment.
Please also remember the Community Foundation of Southeast Kansas on December 3, 2019 and Match Day 2019.