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Consider making a Charitable Gift to St. MAM to reduce your RMD (Required Mandatory Distribution) which may have a beneficial effect on your taxes.
If you are age 70.5 or older, the IRS requires you to take RMDs each year from your tax-deferred accounts (IRA, 401k, etc.). This distribution counts as income and may increase your taxes and Medicare premiums, One option to reduce the impact of RMD income is to consider making a Qualified Charitable Distribution (QCD) to St. MAM.
A QCD is a direct transfer of funds from an IRA custodian which is payable directly to a qualified charity as described in the Internal Revenue Code. Amounts distributed as a QCD can be counted toward satisfying your RMD for the year, up to $100,00. QCDs made directly to St. MAM is an option for your charitable giving, even if you claim the full standard deduction on your income tax in a given year. You cannot claim a QCD as an itemized deduction.
Please contact your tax adviser for more detailed information and to see how a QCD for St. MAM may be an option for you.
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