'Tis the Season to donate to the USA Water Ski & Wake Sports Foundation
We are fast approaching the end of the year... and it may be the perfect time to take advantage of a Qualified Charitable Distribution. Help the foundation while you reduce your taxes!
A QCD must come from a Traditional IRA or an Inherited IRA where the beneficiary is older than 70 1/2.
A qualified charitable distribution can allow individuals who are required to take required minimum distributions to donate up to $100,000 total to one or more charities directly from a taxable IRA without the funds being counted as part of their income!
Since the qualified charitable distribution also reduces the overall balance in the IRA, it also potentially can decrease the required minimum distribution required to be taken in subsequent years. Qualified charitable distributions are not counted toward the maximum amount deductible as charitable deductions for those who itemize on their tax returns and might allow more charitable gifting.
Funds are transferred directly to the charity and not through the IRA owner.
Contact Dennis at Treasurer@waterskihalloffame.com for more information!