“My wife and I are both 77 and have been taking our RMDs right along. About three years ago we heard you talk about sending our RMDs to our church and started doing that. That has worked out great, our taxes are lower, and our church gets the money directly.
This year there aren’t any RMDs. Does that mean we also can’t send the money right to our church?“
Fortunately, you can still send funds directly from your IRA to your church.
RMDs have been waived for the year 2020. Millions of people who would have been forced to take money out they didn’t need or want can leave it in their IRAs.
Many other folks – like you – still want to send funds to their churches or other worthy charities. You may send up to $100,000 directly from your IRA to the organizations (eligible to receive tax-deductible contributions) of your choice.
No income tax.
Remember – this has to be done by December 31st.
Don’t drag your feet – get the help you need to get this done today.
If you have questions or comments, please send them to Gene@AskMtM.com