Good news if you are charitable….
Qualified charitable distributions are renewed-PERMANENTLY! No more annual “wait and see” and scrambling to get things done.
QCDs expired once again at the end of 2014, but the new tax law, “Protecting Americans from Tax Hikes Act of 2015” makes them-effective retroactively for 2015 and beyond.
QCDs allow individuals who are 70 1/2 or older to effect a direct transfer (up to $100,000) of their IRA to their favorite charity each year. The distribution is NOT considered taxable income and could potentially lower adjusted gross income and help against the loss of tax benefits, tax on your Social Security benefits, as well as investment income. Surely a win-win for those with a giving heart!
The distribution can also satisfy an RMD of up to $100,000, but is not limited to just the RMD amount.
So Give, give, give. Great things will bless your life!
Questions? Give us a call or send us an email!
(732) 364 5462 Kathy@fffgonline.com
Kathy Nolan is the President and Owner of Family Focus Financial Group and has been in the financial industry for 40 years. Today, Kathy maintains her insurance practice and the fiduciary standard of Investment Advisor Representative, a series 65 licensed registration, with Global Financial Private Capital, an SEC Registered Investment Advisory Firm.
*Investment Advisory Services offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. Global Financial Private Capital and Family Focus Financial Group are not affiliated companies. Not intended for specific legal or tax advice. Any views expressed are for information purposes only and should not be construed in any way as an offer, an endorsement, or an inducement to invest or purchase insurance products.