IT’S INCOME TAX TIME
Do you know that you could reduce your federal income tax
if you have an IRA and are age 70-1/2 or older? Required Minimum Distributions (RMDs)
are mandatory for people with IRAs and are age 73 or older (recently changed from age 72
in the SECURE Act 2.0, passed in late December 2022).
Also available is a ‘Qualified Charitable Distribution” (QCD) which allows people age 73
or older to make a gift of up to $100,000 to a nonprofit. Once you reach age 70-1/2, you also
can donate a significant portion of your IRA or your Inherited IRA TAX-FREE every year.
The IRS allows RMDs to be tax free if donated directly to a nonprofit, like First
Presbyterian Church! Consider a donation to the Pine Island Chapel Project (currently
under a fund-matching program), any of the Endowments, or to fulfill your pledge.
Consult your tax professional for advice. Consider making a difference to our church!