It’s that time of year! Give thanks! One of the many blessings in my life is White Heron Sangha. So I attempt to practice the first paramita, generosity.
I admit that I have more time than money to give. But in the past few years, I found a way to financially give more. At a certain age (and many of us have reached that age), it is mandatory that we take a RMD, that is a required minimum distribution, from our IRA. If you take that RMD and roll it into a qualified charitable contribution, you do not have to pay taxes on it. It is not part of your adjusted gross income. Be sure to have the agency that holds your IRA donate directly to your designated nonprofit (hint: WHS). If you take the money out yourself and then contribute it, you have to pay taxes on it. Thank you in advance for your generous contribution.
Have a happy Holiday!
Charlene