Retirement Funds and Required Minimum Distributions (RMD)
Money from your individual retirement account is a wonderful gift for Victory Junction. If you’ve reached the age where you need to make a required minimum distribution (RMD) from your traditional IRA, you can avoid paying taxes on your RMD by donating that money to charity.
Normally, a distribution from your traditional IRA incurs taxes since most don’t pay taxes on the money when they put it into the IRA. But, account holders 70 ½ years or older who make a contribution directly from a traditional IRA to Victory Junction can donate up to $100,000 without it being considered a taxable distribution.
Benefits of Gifts of Retirement Funds and RMD
● You can avoid paying taxes, and/or…
● Your estate will not have to pay estate taxes on your funds
● You make an impact for the kids at Victory Junction!