Making Sense of your Required Minimum Distribution (RMD) – And how you may benefit from using your RMD as a Qualified Charitable Distribution!
A Required Minimum Distribution (RMD) from your IRA, 401K, Profit Sharing Plan, or other Defined Contribution Plans can be confusing.
The Internal Revenue Service has detailed processes for calculating your RMD which includes when and how to take your first required distribution and subsequent distributions, the age at which you qualify and what happens if you fail to take the required minimum distributions. You should also know that the RMD funds you take may be taxable. Understanding your circumstances means you should consult the link below to the IRS page on Retirement Topics and RMDs and/or your tax professional. Your distribution may be a taxable event, however there is a way to make a direct gift to a nonprofit of your choosing and avoid having to pay taxes on the gift. This is called a Qualified Charitable Distribution!
If you are looking for more information the following link to the IRS will be helpful! Retirement Topics — Required Minimum Distributions (RMDs) | Internal Revenue Service (irs.gov)
Should you choose to make a direct gift from your funds to Weekend Survival Kits, a qualified 501c3 non-profit, we would be happy to coordinate the process and provide any necessary validation of your charitable gift. And, of course, your gift will be so helpful for those families we serve.
Follow the link to Weekend Survival Kits to learn more and donate!