Do you have an IRA? Here's a tax-wise way to help Lakewood

10/07/2022

Are you 70 1/2? Use your IRA to support Lakewood and reduce your taxable income!

 

Tax-Wise Way to Help Lakewood


If you are over the age of 701/2, Now is the best time to set up your 2022 charitable giving using your IRA’s Required Minimum Distribution.

    What are some of the benefits of giving this way?
    • Make a gift using your and avoid paying income taxes on your donation.
    • The amount you transfer as a gift from your IRA will0 not count as income in 2022 for you, helping to keep you in a lower tax bracket.
    • Transfer up to $100,000 (individuals) or $200,000 (couples) to charities.

    Do you qualify?
    • You must be at least 701/2 years of age when you make the transfer.
    • The transfer must be made directly from your IRA to Lakewood or other charities. If you can write checks directly from your IRA account, do so before December 1st to ensure that your gifts are credited before year-end.
    • Contact your investment broker or financial advisor to begin the process and help with any questions you might have.

A transfer directly to a charity reduces your adjusted gross income and makes your tax return less complicated. If you don’t need your entire distribution, this strategy provides an easy and efficient way to give to charities and get helpful tax benefits.

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