Qualified Charitable Distributions

Individuals who are more than 70 and 1/2 years old may make a Qualified Charitable Distribution from their IRA to a charity or charities they choose.  There are some notable advantages for the taxpayer in doing so:

• The contributed amount goes toward satisfying the Required Minimum Distribution (RMD) for the individual.
• The taxpayer effectively gets the tax benefit of a contribution even if he or she is using the standard deduction
• This charitable distribution is not taxable even though it reduces the RMD.

Please contact your financial advisor or IRA administrator for more information on how to make a Qualified Charitable Distribution to Literacy Volunteers of the Tarrytowns, Inc.

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