Is Qualified Charitable Distribution the Right Choice for You?

Are you over age 70 ½, have a traditional retirement account, interested in potentially reducing your income taxes while contributing to a worthy cause? Discuss a Qualified Charitable Distribution (QCD) with your CPA, tax preparer or wealth management representative today!Upon reaching age 70 ½, account holders of Traditional Retirement Accounts (IRA, 403b, 401K, etc.) must take an annual Required Minimum Distribution (RMD) from the account.  The IRS permits the account holder to send the RDM (up to $100,000) directly from the Traditional IRA/401 (k) to a 501(c)(3) as a charitable contribution, excluding the mandated withdrawal from your taxable income.With the 2018 tax law changes that increase the Standard Deduction, many people will no longer itemize and therefore get no tax benefit from making charitable contributions.  Utilizing the QCD allows people to continue to contribute and eliminate those gifts from taxable income.Please discuss this strategy with your CPA, tax preparer or wealth management representative and reduce your income taxes while helping to save and change lives through your support of the First Choice for Women ministry.