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If you’re 73 or older, the IRS requires you to start taking money from your traditional retirement account by December 31 each year.
If you don’t need the funds and want to use it to power good, consider distributing the funds to the Foundation as a Qualified Charitable Distribution (QCD). Not only are you supporting students, you receive a tax benefit! QCDs to the Foundation are excluded from your taxable income. For many people, this can be the simplest way to reduce your tax bill for the year.
If you would like to make a QCD, the funds must come directly from your IRA to the Foundation by December 31. If you have questions, please contact the Foundation at 407-320-0180.
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