Letters to the Editor

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TAXES: Consider giving your IRA to charity

Letter by Robert A. Whitney, Steilacoom on Nov. 4, 2011 at 10:47 am | 1 Comment »
November 4, 2011 2:03 pm

Re: ”Consider all your options for required distributions” (Gary Brooks column, 11-4).

Brooks left out one, very important option: This year, folks like me, who are over 70½, can avoid paying federal taxes on their Required Minimal Deduction (RMD) from their traditional IRAs by instructing their IRA custodian to directly transfer a portion or all (up to $100,000) of their RMD to a 501(c)(3) charity of their choice.

This option is unlikely to be available in future years. Many worthy charities are suffering severe economic woes in today’s economy. Check it out with your financial institution.

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