Give Away Your IRA Each Year
If you are age 70.5 or older, you can direct your Individual Retirement Account (IRA) distribution to go directly to the VSO and avoid paying any income taxes on that distribution.
Normally, every dollar that you receive from your Required Minimum Distribution (RMD) from your IRA is treated as income and taxed; however, by informing your IRA administrator to give all or part of the RMD directly to a nonprofit like the VSO, the amount given to the VSO will not be taxed (providing you the same benefit as a tax deduction).
Best of all, you do not need to itemize your tax deductions to receive this tax saving benefit.
Contact Hal J. Abrams, J.D., LL.M., or Erica Schwenneker at [email protected] to learn more about these tax-saving ideas and many others to help you get the most out of your support of the VSO!
The VSO does not provide tax or legal advice. Please consult with your tax advisor on the tax implications of your charitable gifts.