Tax relief for your Required Minimum Distribution (RMD).
If you are over 70½ you can arrange for a direct distribution of amounts from your IRA, 401(k), pension plan, or similar retirement plans directly to qualified charities of your choice. Distributions made in this manner are not included in your taxable income. Such distributions do not also qualify as an itemized deduction, but do qualify as part or all of your annual Required Minimum Distribution from such plans. Lowering your taxable income may save taxes on your social security income, keep you out of a higher tax bracket, and be of great benefit if you take the standard deduction instead of itemizing. There are some timing requirements and limitations; if you would like to consider this approach in making a charitable donation to The Richardson Wireless Klub, please contact your tax advisor and our treasurer for the process to accomplish this before year end.
The Richardson Wireless Klub is a 501(c)3 non-profit corporation.