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Donate Your RMD Tax-Free to Charity in 2016


Donate Your RMD Tax-Free to Charity in 2016
A donation counts as your required minimum distribution, but doesn't increase your adjusted gross income. I'm 72, and I'd want to donate money from my IRA to charity to guide the best cause and also so I don't have to pay for just as much in taxes on my required minimum distribution. Can I make the donation now, and what steps do I must take? Previously, Congress generally waited until December each year to give the law which allows people to create a tax-free donation as high as $100,000 from their IRA, leaving some to scramble to make the contribution ahead of the RMD deadline. But Congress made what the law states permanent this past year, so if you're 70½ or older, you can transfer your 2016 RMD to charity at any time. The donation counts as your required minimum distribution but doesn't raise your adjusted gross income, which is often particularly helpful if that you don't itemize and can't deduct charitable contributions. Also, keeping
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