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If you are 70 1/2 years old or older AND have an IRA (Individual Retirement Account) you are required to make a minimum distribution. Did you know that there are benefits to giving your RMD to the Humane Society of Yuma?
Ask your financial advisor and/or CPA about how giving to the Humane Society of Yuma, a 501(c)3 non-profit organization, can be deducted from your taxable income in 2018. If you choose to give your RMD (required minimum distribution) from your IRA to the Humane Society of Yuma you can deduct the amount gifted from your income and lower your adjusted gross income, therefore lowering your tax liability.
There are many benefits in lowering your taxable income. You and your financial/tax advisor should discuss donations to the Humane Society of Yuma with the possibilities of:
- A reduction of taxable Social Security Benefits
- A reduction in Medicare Premiums
- Other itemized deductions