Are you 70 ½ years old, or will you be soon? Consider saving taxes by making a KSB donation directly from your traditional (not ROTH) 401K or IRA. You can donate any amount up to $100,000 for a Qualified Charitable Deduction (QCD). The total of the QCD can be subtracted from your gross income. For example, if you are in a 30% tax bracket and give $10,000, there is a potential $3,000 savings on your taxes. If you are 72 years old, you can use your Required Minimum Distribution (RMD). The actual distribution withdrawal date MUST occur on or after you reach 70 ½ years old and it MUST come from the financial institution (not directly from you), otherwise it is invalid. Here are other ways to give:
- Life insurance bequest
- Charitable Gift Annuities
- Retired Life Estate
If you are interested in learning more, please contact Carla Williams at 928-821-5725 or the KSB office at 928-282-4938.
KSB recommends checking with your tax preparer and financial institution prior to making a donation.