Doing good feels (even) better with a tax write-off. We have a recommendation for you this holiday season.
Individuals that exceed the 70-½ age threshold are required by the IRS to take minimum distributions (RMDs) from their traditional IRAs, which have been growing tax-free since inception. The IRS will take a percentage of the investment gains in the form of taxes when the RMDs are distributed.
Why not roll some of that required minimum distribution (RMD) into a charitable gift to your favorite non-profit? That way, you not only do good for your cause, you also can reverse the taxable gains in the form of a tax deductible, gift-giving contribution.
While we’re talking about giving, we want to give a shout out to some of the non-profits where our clients serve in key roles and a couple community interests here at Wambolt:
- Children’s Hospital Colorado
- Habitat for Humanity of Denver Metro
- Winter Park Ski Foundation
- Safe Harbor Lab Rescue
- South Denver Food Bank, an outreach mission of the Inversion Covenant Church
Read about two of these volunteer-driven success stories on our blog. And submit your favorite charities to firstname.lastname@example.org to be included in our Wambolt community charitable-giving list. If you hold a board or other position with the charity, please let us know that too.
Your Wambolt Advisor is available to help facilitate your charitable-giving. Set up an appointment today.
Learn more: Charitable giving in 2018 takes on a new look
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