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Created with Fabric.js 1.4.5 Since You Are Generous,The IRS Is Cutting You A Deal More Giving & More Saving Using Your IRA Normal IRA Distribution They are calling it the Charitable IRA Rollover.This new tax law allows folks who are over 70.5years old to take money from their IRA and sendit directly to their favorite non-profit or ministry. The Individual Retirement Account or IRAis one of the ugliest tax liabilities mostpeople have. Every dime taken from theseaccounts is hit with ordinary income tax, as high as 39.6% federal tax & additionalstate taxes. Yikes! Also, the folks thatinherit the assets in these retirementplans are stuck at these high rates onevery penny they withdraw. IRA 0% TAXTHE MORE YOU GIVETHE MORE YOU SAVE AS HIGH AS39.6% TAX The Rules Charitable IRA Rollover Moving money from an IRA to your wallet is expensive.When you take money out, you owe tax. For those who pay the tax from their IRA account, the taxes that they pay are considered income and cause more tax liability. To make matters worse, the IRS forces you to take money out of your IRA at a certain age. They want their taxes. This is called a Required Minimum Distribution or RMD. >Act Now - Unless congress acts this provision will expire at the end of 2013>You must be over 70 &1/2 years old>You can give up to $100,000>Donations must go directly to a non- profit in good standing in the U.S. >For the fine details check out the IRS website at - 877-422-4770It is important to seek counsel regarding how the Charitable IRA Rollover will impact your finances.Please discuss this with your CPA or accounting professional & reference IRS guidelines before implementation. If you support your local library, communityfoundation, church or any other non-profit,you can give right from your IRA.WITH NO TAXES! This Charitable IRA Rollover also fulfills your Required Distribution, effectively funding a portion of your gift with tax savings.
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