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  • Writer's pictureMatt Oberholzer

Year End Information - Charitable Giving, RMD’s

Updated: May 8, 2023

As 2022 winds down and everyone looks ahead to the New Year, it's worthwhile to look at your end-of-year checklist and ensure you are not missing out on any opportunities. All weeklong, Infinity Wealth Counsel will be sending you information that will focus on taking the right steps today for a wealthier tomorrow. Some of these topics may just be news headlines to make you aware of upcoming changes, others may be guiding you towards making some small, yet crucial financial decision before the years end. We hope you enjoy this week’s information, and if you have any questions, we are always here for you.

IRA Required Minimum Distributions

If you have reached the age where you are required to take minimum distributions from your retirement accounts, and have not yet met the minimum, we will be reaching out to you to ensure that the distributions are made. The penalty for not making the distribution is 50% of the amount you were required to take, so if you have any concerns about this, please contact us.

Charitable Giving

With the higher standard deduction and limits on the deductibility of state and local income taxes, charitable donations no longer provide a tax benefit to many individuals. Even if you are no longer able to itemize, there are still two methods of giving which can provide tax benefits:

  • Qualified Charitable Donations from an IRA: Individuals who have reached age 70 ½, and have assets in an IRA can make donations directly from the IRA, up to a total of $100,000 per year, without having to claim those distributions as taxable income.

  • Gifts of Appreciated Securities: Shares of stock or mutual funds can be donated to a charity without having to be sold. The donor is still entitled to take the tax deduction for the full value of the gift and is not required to realize the gain on the sale. The charity, as a tax-exempt organization, is able to sell the security without any tax liability.

If you are interested in making donations from your investment account, please contact our office as early as possible so that we can ensure the donations are processed before year end.

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