December 5, 2022 | By Gregg Greenberg
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A bear market and inflationary pressures may have many Americans feeling less wealthy lately, but not necessarily less generous.
“For clients that are over the age of 70.5, a qualified charitable distribution from an IRA is a powerful charitable giving tool. A person can donate to one or more charities directly from their taxable IRA. Since the funds go directly to the charity, the funds are not reportable for federal or state income tax purposes,” said Peter Salkins, a financial planner at Integrated Financial Partners. “It is especially useful if the clients do not need the funds for living expenses and would have been forced to withdraw funds due to the required minimum distributions rules anyway.”
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This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.