What is a RMD?

RMD is the abbreviation for Required Minimum Distributions. You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA or retirement plan account when you reach age 70½. These distributions are referred to as RMD's. Roth IRAs do not require withdrawals until after the death of the owner.

Your required minimum distribution is the minimum amount you must withdraw from your account each year.

• You can withdraw more than the minimum required amount.
• Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).

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Charitable Contributions from your IRA

Under current law, the last day for making a qualified charitable donation from an IRA is December 31.

For eligible tax years, individuals age 70½ or over could exclude up to $100,000 from gross income for donations paid directly to a qualified charity from their IRA.

• The donation satisfies any IRA required minimum distributions for the year.
• The amount excluded from gross income isn’t deductible.
• Donations from an inherited IRA are eligible if the beneficiary is at least age 70 ½.
• Donations from a SEP or SIMPLE IRA aren’t eligible.
• Donations from a Roth IRA are eligible.
• Married individuals filing a joint return may exclude up to $100,000 donated from each spouse’s own IRA ($200,000 total).

Helpful Links

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IRS Frequently Asked Questions about RMD's

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Distribution Chart for Beneficiaries

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St. Joan of Arc Catholic Church is an approved tax exempt entity.
Please consider our Church in addition to your already chosen beneficiaries.

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