Wait! Don’t Pay Tax on Your RMD
Stephanie Thomas
If you are 73 or older, the IRS requires you to withdraw each year from certain retirement accounts, including traditional IRAs. This is called a Required Minimum Distribution (RMD) and is considered taxable income unless you designate all or part of it as a qualified charitable donation (QCD). In that case, you do not pay tax on the amount you donate.
The good news is that you can put those tax-free dollars to use right here in SaddleBrooke. As a 501(c)(3) nonprofit organization, Senior Village at SaddleBrooke is eligible to receive your RMD. This donation will not only benefit you by saving tax dollars and reducing your adjusted gross income but will also support services to your neighbors and provide increased quality of life in our community.
As with most government rules and regulations, there’s a set process to follow to make sure your RMD is not taxed. The Innovative CPA Group, www.innovativecpagroup.com, offers this information. You’ll need to contact your IRA custodian and instruct them to send a check directly to Senior Village at SaddleBrooke, not to your personal bank account. Make sure the check is made payable to the organization and include identifying details (like your name and address) so Senior Village can acknowledge your gift with grateful thanks.
The Internal Revenue Service provides worksheets to calculate your RMD each year. Consulting with a certified public accountant or your financial advisor is also advised.
Don LaSalle and Ron Morris are all smiles.
Senior Village Members Receive Special Birthday Wishes
Laura Anderson
The Senior Village December Birthday Party is always a delightful afternoon of celebration and fellowship. This year’s gathering welcomed 15 members, along with a visit from Mr. and Mrs. Claus to make these December birthday members feel special.
Everyone enjoyed Joni Campel and Peggy Rash’s baking of holiday-themed cupcakes. Beautiful, festive log centerpieces were given to attendees to decorate their homes for the holiday season. Volunteers Sally Teusch and Chelsy Brougher were Santa’s elves, helping to lead the singing of carols among the group. Each member spent a few minutes with Santa and Mrs. Claus as they mingled about learning more about each other.
Some of these Senior Village members have been living in SaddleBrooke for up to 25 years. A few were new to Birthday Party gatherings, and others have been coming for years. Sharing stories and laughter is always on the agenda. One of the more enlightened “facts” learned was shared by Don Burkhead. Don informed the group that Sagittarius is the luckiest sign in the zodiac chart. Senior Village thanks all the members for attending this event and wishes everyone a happy and lucky new year.