Support your local station AND get a tax break for your efforts!
If you are aged 70 ½ or older and must take a taxable required minimum distribution from your IRA, you can donate up to $100,000 of that RMD to WCTE during 2010 or 2011 and NOT OWE ANY FEDERAL INCOME TAX ON THE DONATED AMOUNT.
Required minimum distributions are normally taxable as ordinary income. This provision allows you to transfer the funds directly to WCTE and receive a tax break even if you do not itemize on your tax return. Because the directly transferred funds are not reported in your taxable income, your RMD will not increase your tax bracket. Since the law was passed so late in 2010, you will have until January 31, 2011 to make the transfer and have it count toward your 2010 RMD. This does not extend the timeframe for regular RMDs, only directly transferred RMDs for charitable donations.
If you are interested in making such a transfer, contact Suzanne Whitehead at 931.528.2222 ext 222. We will be happy to give you additional information and assist you with making the transfer. You should also consult your tax advisor to determine if this type of donation will provide a benefit in your specific tax situation.
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