Tax season is here and the deadline is quickly approaching. Scores of Americans are gathering their documents in preparation and accountants are working overtime to make sure that everything is in order for their filings. It is during this preparation that investors often find out that their IRAs have contribution limits and exceeding those limits can be a costly error.
Donating to charity directly from your IRA can have multiple benefits if you are over the age of 70½ and required to make annual withdrawals, known as required minimum distributions (RMDs). These RMDs may end up forcing you to withdraw more than you wish, forcing you to liquidate and possibly increasing your tax burden. Continue reading “Making Charitable Donations Directly From Your IRA”