IMANA: Your Best Source for Donation Information
Did you know…
Last year federal tax guidelines allowed individuals 70½ and older to make required minimum distribution withdrawals from their retirement accounts for charitable purposes without being taxed. The new federal budget increases the age for mandatory withdrawal from retirement accounts to 72 – effective for people who turn 70½ on January 1, 2020, or afterward. It is important to note anyone who is 70½ years of age or older can still withdraw money from retirement accounts tax free if the dollars are donated to charity (up to $100,000).
The section of the new federal budget containing this provision is called the SECURE Act. If you want to learn more, go to: H.R. 1865, Division O, Title I, Section 107.