Are you aware that individuals aged 73 or older are required to withdraw funds from their IRA and retirement plan account(s)? These withdrawals are subject to taxation by the IRS, potentially increasing annual tax liability. However, there’s a way to fulfill your Required Minimum Distribution (RMD) obligation and minimize your tax burden by directly donating to the Baldwin Library from your IRA.
Moreover, it’s worth considering designating the Baldwin Library as a beneficiary. Funds left to individuals other than a spouse can be subject to intricate inheritance rules and tax burdens.
If you are 73 or older: Your gift counts toward your Required Minimum Distribution (RMD). Your gift transfers tax-free and can lower your adjusted gross income. The transfer process is simple. It’s easy to make recurring gifts. Transfer your gift directly from a traditional or Roth IRA to the Library. Make your gift by December 31 to qualify for the tax year.
Information you will need to know: Name: Baldwin Borough Public Library Status: 501(c)3 Tax ID: 25-1301432 Address: 5230 Wolfe Drive, Pittsburgh, PA 15236
Questions? Contact Anna Newborg: newborga2@baldwinborolibrary.org
This is not professional financial advice. Consult a financial advisor before making any decisions.
