Charitable Gifts Through Your IRA
The IRA Charitable Rollover is a tax-wise way to support Dancing Classrooms Philly!
Are you 70 ½ years of age or older? Do you also have an IRA? If so, then you probably know that you must take a Required Minimum Distribution (RMD) each year.* Consider using your RMD to make a qualified charitable gift directly from your IRA to Dancing Classrooms Philly. By transferring funds directly from your IRA to Dancing Classrooms Philly, you avoid having to recognize the transfer as taxable income for federal tax purposes.
*A change was made by the SECURE Act and signed by the President on December 20, 2019. The Act changes the beginning date for your first requirement minimum distribution: If you turned 70 ½ prior to January 1, 2020, your RMDs are based on age 70 ½. (No change.) If you turned 70 ½ after December 31, 2019, you now are not required to take a minimum distribution until you reach 72. This is new as of December 2019.