Year-end Tax Tip. Avoid taxes on an #RMD with a #charitabledonation. Seniors who have a traditional 401(k) or #IRA account must take a required minimum distribution each year once they reach age 70 1/2. Those who don’t need this money for living expenses may want to consider having it sent directly to a charity as a qualified charitable distribution. “If you take it out as a qualified charitable distribution, it doesn’t increase your adjusted gross income,” says Mike Piershale, president of Piershale Financial Group in Crystal Lake, Illinois. “It can also hold down the amount of# that is taxed.”
Tag Archives: donations
Avoid Being Scammed by Fake Hurricane Harvey Charities
Whenever there is a disaster such as Hurricane Harvey, the lowlifes show up and try to scam generous individuals out of money intended to go to victims of the disaster. Don’t you be another victim of the disaster – watch out for scammers claiming to represent charitable organizations who will pocket the donations for themselves instead. Besides fraudsters soliciting on behalf of bogus charities, some so-called charities aren’t entirely honest about how they use contributions.
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