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While most of my savings are in either

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trkyhntr Member Level  Tuesday, 12/31/19 08:17:42 AM
Re: basserdan post# 39052
Post # of 39362 
While most of my savings are in either a Roth IRA account or a taxable brokerage account, I do have a small Traditional IRA. At my age I am required to take a minimum distribution. Last year's was just under $2700. This year I will have to take close to $3400. Since I don't need this to live on, I have been donating the money to 501 (C) 3 charities, such as our local animal shelter. These really do need the money, and by doing this, there is no income tax on what I donate.

https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-501c3-organizations


Obviously this has been a good year for the market. I guess the democrats are correct when they say it has not been good for everyone, but then again, it never has, and it probably never will be.

trkyhntr
No man's life, liberty, or property are safe while the legislature is in session.
--Mark Twain (1866)

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