Of possible interest to our valued partners:
The 2022 IRS standard deduction are as follows:
• married couple with both spouses under 65 $25,900
• married couples with both spouses over 65 $28,700
• single individuals under 65 $12,950
• singles over 65 $14,700
(Source: IRS Rev. Proc. 2021-45, p. 14)
Another IRS rule is that by age 72, investors with eligible retirement accounts must each year make a “required minimum distribution” (RMD). According to the IRS, individuals can make that RMD payable to a 501(c)(3) organization rather than take the money out in cash. There are often positive tax implications for giving these funds in part or in whole to a qualified organization. Referred to as Qualified Charitable Distributions (QCDs), these gifts may also be made by individuals age 70½ even though they are not yet required to withdraw RMDs from their retirement accounts If you are interested in designating your RMD in part or in full to our work, Wisconsin Family Council is the appropriate organization.
We found these resources helpful on understanding the basics of RMDs:
Please note: We are not offering tax advice; we are simply making you aware of some charitable giving basics. Checking with your tax advisor or CPA is the very best way to ensure you are making the very best decision for you. Our purpose in making this information available is simply to be sure you are aware of current opportunities as you seek to be a good steward of the resources God has given you.