The Community Foundation of Greene County (CFGC) will host a seminar on Monday, November 12, 2018 at 7:00 PM to share information about an option for IRA owners that can help reduce their income tax while allowing them to give to their favorite charities.
An overview of the tax benefits and options for IRA owners and beneficiaries who are 70-1/2 and required to take an RMD (Required Minimum Distribution) through the Qualified Charitable Distribution, will be presented by Tom Milinovich, CPA, CFP, of Milinovich & Co., Inc., a Registered Investment Advisor.
According to Milinovich, persons who reach the age of 70-1/2 are required to take a minimum distribution from their IRA. However, not everyone needs that money. The rule allows them to make a charitable gift to one or more of their favorite charities directly from their IRA using some or all of their Required Minimum Distribution.
IRA holders, who make a tax-free transfer to a charity from their IRA, are not able to take a charitable deduction for that contribution. Nevertheless, the charitable gift keeps that money out of the adjusted gross income. This may help avoid a higher tax bracket or keep income below the threshold for the Medicare high-income surcharge, which can boost Part B and Part D premiums for some people. Keeping the money out of the adjusted gross income may also reduce the amount of Social Security benefits that are subject to taxes. It is also a way to benefit from making a charitable contribution if you do not itemize your deductions on your tax return.
The seminar will share this and more information on how IRA owners can benefit this year and every year in the future. Representatives of non-profit organizations 501(C)(3) and churches are also invited to attend.
The free seminar, which is open to the public, will be held on Monday, November 12th at 7:00 p.m. in the CFGC Foundation Room at 106 East High Street, Waynesburg. Please RSVP to the seminar by contacting the Community Foundation of Greene County by phone at 724-627-2010 or e-mail firstname.lastname@example.org.