Thinking about donating before year-end?
As year-end nears, many taxpayers look for practical ways to lower their tax liability. The Emmaus Board wants you to know that you may be able to donate a portion of your required minimum distribution from your retirement account without paying tax on that amount.
A qualified charitable distribution (QCD) lets individuals age 70 1⁄2 or older donate up to $111,000 directly from a taxable IRA to one or more charities rather than receive the funds as a required minimum distribution (RMD).
Doing so may help donors stay in a lower income tax bracket and retain deductions that could otherwise be phased out.
For questions or free assistance with setting up this donation, please contact me: Les Miles, 444A Hwy 12 West, Starkville, MS 39759;
email: les@milestax.com; phone: 662-418-1107.
God bless,
Les
Treasurer, North Mississippi Emmaus
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