Good news! If you are 70 1/2 or older, you can now make a TAX-FREE gift from your IRA. It's a tax-smart way to support WKNO.
Here's how it works:
- Who? The law raises to 72 from 70 1/2 the age at which individuals must begin taking RMDs from their retirement accounts
Note: The new law only applies to people who turn 70 1/2 after December 31, 2019. If a person turned 70 1/2 in 2019, the law does not apply-that person must take an RMD in 2019, 2020 and beyond.
- What? You can only make the gift from a Traditional or Roth IRA
- How? Instruct your plan administrator to send a specific dollar amount directly to WKNO. Your administrator can send the gift by check or electronic transfer. You can email Charles McLarty at email@example.com for a sample letter of instruction.
- When? Act now! Your gift must be completed by April 1, 2020, in order to receive the maximum benefits for 2019.
Benefits to You:
- RMD: Your donation will count towards your required minimum distribution for 2019.
- Tax Savings: You can exclude up to $100,000 from federal income - $200,000 exclusion allowed for married filing joint taxpayers
Tip: This tax savings is especially valuable to donors who are non-itemizers and donors who have rea-ched their limit on itemized charitable deductions.
- Impact: You will have the personal satisfaction of doing more for our community than originally thought possible.
Please consult with your financial advisor about this special opportunity. For more information, you can contact WKNO's Charles McLarty at (901) 729-8703.