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Monday November 11, 2024
Our News
Thank you for your interest in Wingate University. Our hope is to serve you and your family with helpful information.More |
Savvy Living
Can a person in their early fifties develop osteoporosis? I fell and broke my wrist last winter, and my doctor told me I...More |
Washington News
Each year the Internal Revenue Service (IRS) reminds owners of traditional IRAs who are over 70½ that they may make a charitable gift from a traditional IRA. The IRS refers to an IRA charitable rollover gift as a qualified charitable distribution (QCD). An added benefit for those who are age 73 or older is that a QCD may fulfill part or all of your required minimum distribution (RMD) for the year.
It is helpful for owners of traditional IRAs to understand how to do a QCD, what is required to report a QCD on your tax return and the required information on your acknowledgment from the nonprofit.
How to Set Up a QCD — A traditional IRA owner may contact his or her IRA custodian to start the process for a QCD. While your distributions from a traditional IRA are normally taxable, the QCD payouts will be tax-free as long as they are paid directly to a qualified nonprofit. The QCD is made through a check payable to the nonprofit. An electronic payment or a check made out to...More |
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Personal Planner
While Social Security will provide approximately 40% of the average person's retirement income, an Individual...More |
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