Saturday, August 06, 2016
Thursday, August 04, 2016
Tuesday Tax Tidbit: Should You Make a "Charitable IRA Rollover" in 2016? | Weaver | Assurance - Tax - Advisory
Tuesday Tax Tidbit: Should You Make a "Charitable IRA Rollover" in 2016? | Weaver | Assurance - Tax - Advisory: Should You Make a "Charitable IRA Rollover" in 2016?
Last year a break valued by many charitably inclined retirees was
made permanent: the charitable IRA rollover. If you’re age 70½ or older,
you can make direct contributions — up to $100,000 annually — from your
IRA to qualified charitable organizations without owing any income tax
on the distributions.
Satisfy your RMD
A charitable IRA rollover can be used to satisfy required minimum
distributions (RMDs). You must begin to take annual RMDs from your
traditional IRAs in the year in which you reach age 70½. If you don’t
comply, you can owe a penalty equal to 50% of the amount you should have
withdrawn but didn’t. (An RMD deferral is allowed for the initial year,
but you’ll have to take two RMDs the next year.)
So if you don’t need the RMD for your living expenses, a charitable
IRA rollover can be a great way to comply with the RMD requirement
without triggering the tax liability that would occur if the RMD were
paid out to you.
Additional benefits
You might be able to achieve a similar tax result from taking the RMD
payout and then contributing that amount to charity. But it’s more
complex because you must report the RMD as income and then take an
itemized deduction for the donation. This has two more possible
downsides:
Have questions about charitable IRA rollovers or other giving strategies? Please contact us. We can help you create a giving plan that will meet your charitable goals and maximize your tax savings.
Last year a break valued by many charitably inclined retirees was
made permanent: the charitable IRA rollover. If you’re age 70½ or older,
you can make direct contributions — up to $100,000 annually — from your
IRA to qualified charitable organizations without owing any income tax
on the distributions.
Satisfy your RMD
A charitable IRA rollover can be used to satisfy required minimum
distributions (RMDs). You must begin to take annual RMDs from your
traditional IRAs in the year in which you reach age 70½. If you don’t
comply, you can owe a penalty equal to 50% of the amount you should have
withdrawn but didn’t. (An RMD deferral is allowed for the initial year,
but you’ll have to take two RMDs the next year.)
So if you don’t need the RMD for your living expenses, a charitable
IRA rollover can be a great way to comply with the RMD requirement
without triggering the tax liability that would occur if the RMD were
paid out to you.
Additional benefits
You might be able to achieve a similar tax result from taking the RMD
payout and then contributing that amount to charity. But it’s more
complex because you must report the RMD as income and then take an
itemized deduction for the donation. This has two more possible
downsides:
- The reported RMD income might increase your income to the point that
you’re pushed into a higher tax bracket, certain additional taxes are
triggered and/or the benefits of certain tax breaks are reduced or
eliminated. It could even cause Social Security payments to become
taxable or increase income-based Medicare premiums and prescription drug
charges. - If your donation would equal a large portion of your income for the
year, your deduction might be reduced due to the percentage-of-income
limit. You generally can’t deduct cash donations that exceed 50% of your
adjusted gross income for the year. (Lower limits apply to donations of
long-term appreciated securities or made to private foundations.) You
can carry forward the excess up to five years, but if you make large
donations every year, that won’t help you.
Have questions about charitable IRA rollovers or other giving strategies? Please contact us. We can help you create a giving plan that will meet your charitable goals and maximize your tax savings.
Wednesday, August 03, 2016
Tuesday, August 02, 2016
Monday, August 01, 2016
Sunday, July 31, 2016
(97) Mark Wingfield
(97) Mark Wingfield
think about this: Mark, I suspect that you are trying to be a positive influence of the racial divide in the US. However, I believe that to say that White Christian ministers should support Black LIves Matter is delusional. Furthermore, to support the movement of Black Lives Matter is to support a hate movement. So that you understand, slavery is detestable from its origin and the North Atlantic Slave Trade was shameful for the African tribal kings that captured other Africans, the Muslim traders that bought and sold them to the North Atlantic Slave Trade trafficker and finally the slave owners was a pathetic economic system. However, it did not originate with North America but it ended for North America by those that knew it was wrong. And of course there has been a continuation of conflict perpetuated from both blacks and whites. However, since the Civil Rights Act of 1964, there has been a even playing field except many black parents, pastors, and mentors have nurtured black children to believe they are victims. Probably before you were an adolescent, as a minister in Brunswick, Georgia, I attended black churches that preached vicitimology like The Reverend Wright. They did not preach forgiveness of a millennium ago, but they preached hate. And a large part of the black community including Obama and his wife have stoked the flames of racial animosity. Read his books. He hates white folks as many of this race hate white folks. Your call for White Ministers to support Black Lives Matter is to pour fuel on the fire of racism. All lives matter of folks that follow the rules. You sound like many of those folks that came to judgement about tragic losses of life before the facts were in. Most of us resent authority. However, when confronted by a cop, obey. Yes, there are rare instances when a bad cop kills. However, remember that the Black Lives Moment has no concern about the many blacks killed by blacks. For 20 years I have been in the criminal community. You have been in a sheltered environment of nice people. You do not know shit from Shinola.
think about this: Mark, I suspect that you are trying to be a positive influence of the racial divide in the US. However, I believe that to say that White Christian ministers should support Black LIves Matter is delusional. Furthermore, to support the movement of Black Lives Matter is to support a hate movement. So that you understand, slavery is detestable from its origin and the North Atlantic Slave Trade was shameful for the African tribal kings that captured other Africans, the Muslim traders that bought and sold them to the North Atlantic Slave Trade trafficker and finally the slave owners was a pathetic economic system. However, it did not originate with North America but it ended for North America by those that knew it was wrong. And of course there has been a continuation of conflict perpetuated from both blacks and whites. However, since the Civil Rights Act of 1964, there has been a even playing field except many black parents, pastors, and mentors have nurtured black children to believe they are victims. Probably before you were an adolescent, as a minister in Brunswick, Georgia, I attended black churches that preached vicitimology like The Reverend Wright. They did not preach forgiveness of a millennium ago, but they preached hate. And a large part of the black community including Obama and his wife have stoked the flames of racial animosity. Read his books. He hates white folks as many of this race hate white folks. Your call for White Ministers to support Black Lives Matter is to pour fuel on the fire of racism. All lives matter of folks that follow the rules. You sound like many of those folks that came to judgement about tragic losses of life before the facts were in. Most of us resent authority. However, when confronted by a cop, obey. Yes, there are rare instances when a bad cop kills. However, remember that the Black Lives Moment has no concern about the many blacks killed by blacks. For 20 years I have been in the criminal community. You have been in a sheltered environment of nice people. You do not know shit from Shinola.
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