Tax Tip Just for Seniors

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Did you know that it is possible to get a tax benefit from charitable contributions even if you don't itemize deductions? In 2015, qualified charitable distributions (QCDs) from individual retirement accounts (IRAs) were made a permanent pert of the tax law. This means that taxpayers 70 1/2 and older may donate all or part of their required minimum distribution to a qualified charity and not include it in their taxable income. The distribution needs to be made directly from the IRA to the charity.

Since your unique tax situation determines your benefits, please consult your tax or financial adviser for insights into your tax circumstances and if this form of giving makes sense for you. 

For more information, please contact our director of development, Rebekah, at 620.662.8370 ext. 717.

*This information is for general and educational use only and not intended as tax or legal advice.