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Do you have to take a Required Minimum Distribution (RMD)?

If you are 70-and-a-half years old or older, the IRS requires you to start withdrawing from most types of tax-advantaged retirement accounts. You must also take RMDs from retirement accounts you inherit. For most people, the deadline for taking an RMD is December 31. If you miss the deadline or take less than you’re supposed to, you could be subject to a 50% tax penalty.

To avoid this penalty, you can donate your RMD to charity and avoid paying the taxes. Qualified charitable distributions (QCD) won’t be added to your taxable income for the year, so you may be eligible to save money on your income tax retu      rns by directing part of your RMD to a nonprofit organization like Prevail. Did you know that by contributing to your favorite charities via a QCD may also prevent some of your social security from being taxable? 100% of your gift will benefit the charitable organization you support. Even if you don’t itemize your deductions on your federal income tax return, you’ll still enjoy income tax benefits from your charitable giving,

*We aren’t tax experts, so be sure to consult your tax preparer for questions about your particular situation.

Donate Your Required Minimum Distribution to Prevail

If you want to direct a portion of your RMD as a charitable donation to Prevail, be sure to tell your financial advisor or IRA custodian, so that they can provide you with the proper paperwork. Prevail’s tax ID is 35-1681864.

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