By David Stafford (NSC Member)
Planning your IRA Withdrawal
There is an IRS provision that allows you to have your traditional IRA or 401K account administrator (Fidelity, etc.) withdraw money from your account and have it sent directly to a qualified charity (like Northshore Senior Center) without you having to pay tax on that withdrawal.
For example if you have a $50,000 MRD (minimum required distribution) and you donate $10,000 of that to charity only $40,000 of the distribution is taxable. But the $10,000 can never touch your hands, it must go directly to the charity and not through your bank account.
For more information on how to set this up, or to find out other ways that you can give back to Northshore Senior Center, please contact Nina McGuinness at NinaM@mynorthshore.org or by phone at (425) 286-1054.