Required Minimum DistributionsSubmitted by Old Dominion Capital Management, Inc on October 16th, 2018
If you are subject to Required Minimum Distributions from your IRA and you want to make charitable gifts between now and the end of the year, making a Qualified Charitable Distribution from your IRA will give you the tax benefits of the charitable gift while still preserving your standard deduction. The standard deduction was meaningfully increased for 2018, while available itemized deductions to taxpayers under the current tax laws have been reduced. Even if you will still be itemizing this year, making the gift from the IRA to meet some or all of your RMD is still an effective way to make charitable gifts. Everyone’s financial and tax situations are different and we invite you to touch base with us to discuss your specific options.