Last year Congress gave your IRA a much-needed vacation. No one had to make a required minimum distribution from their IRAs. You may be one of those who enjoyed giving your required minimum distribution a year-long break.

Everyone loves a vacation, so why not give your RMD another year off?

Make a Required Minimum Distribution Work for You

Last year as part of special legislation, Congress said there would be no RMDs in 2020. This year, the RMD is back for everyone 72 years and older. Most people do not like taking money from their IRA. They have saved for years, and they would prefer to let it grow. Worse yet, when you take the RMD, you pay income tax on that distribution.

The IRA Charitable Rollover Is an Annual Vacation for Your IRA

While you still must distribute money from your IRA if you are 72 or older, you can do it in a tax-advantaged way. If you are age 70 1/2 or older, you can contact your IRA administrator and ask them to make the distribution directly to our mission. When you do:
— You do not pay income tax on the distribution (but you also receive no income tax deduction)
— You receive gift acknowledgment for the full amount of the distribution
— You satisfy your RMD up to $100,000
— If you and your spouse have your own IRA, both of you can use the IRA charitable rollover.

To read more on this topic and see the full Crescendo article with more helpful material, please click here. 

_{*This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation.}