Giving Tuesday is an opportunity for people everywhere to come together in a time of giving and generosity. Please consider giving to Kenosha County Food Bank as your generosity will set us up for success in 2022... join us as we scale our operations and hire key staff. (Reach out to us to hear more of our big plans!)
Some helpful tips:
Maximize your RMD "Required Minimum Distribution" from your IRA to donate to the Kenosha County Food Bank. Money from your individual retirement account can be directly donated to charity. Here's what you need to know:
If you are at least 70.5 years old before 12/31/21, you are required to take an annual distribution from your IRA.
The Secure Act extended the beginning age of a RMD to age 72, but qualified charitable distributions are still able to begin at age 70.5.
You can avoid paying taxes on your traditional IRA RMD by donating your annual distribution directly to charity. Contributions must be made directly from an IRA account to the charity.
Roth IRA's allow to make penalty-free and tax free withdrawals of contributions at any time.
Review the IRS guidelines here: Retirement Plans FAQs regarding Required Minimum Distributions | Internal Revenue Service (irs.gov).
Check with your personal financial advisor about using funds to donate to charity. If you don't have an advisor and would like to know more, we suggest contacting Christine King at Ameriprise. Visit her webpage here: Christine M King - Financial Advisor in Brookfield, WI | Ameriprise Financial (ameripriseadvisors.com).