HomeBob & Bryan ShowFor Retirees with Pension, Profit Sharing, 401(k) or IRA Accounts

For Retirees with Pension, Profit Sharing, 401(k) or IRA Accounts

In previous tax years, folks over 70.5 could gift their required minimum distributions (RMDs) from their IRAs to ministries. It’s a simple but effective strategy that avoids unnecessary income and funds ministry at the same time. This year things have changed. You can still give your RMDs, but the charitable provisions of the CAREs Act offer generous givers broader tax advantages for giving retirement assets. In this year only, if you are over age 59.5 you can give from your IRA, 401K or Pension Plan to ministry with no federal income tax and no penalties. This is made possible through the charitable provisions of the CAREs Act passed by congress earlier this year. This is likely to be a tax provision we may never see again, so take advantage of this opportunity while you can.

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Need to talk about your specific situation? Contact Bob Fry directly at 949.504.4895 or email him using the form below.