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  • Qualified Charitable Distributions

    Hello, Welcome to EricksonTV.

    Curtis and Lauren will be explaining Qualified Charitable Distributions in this episode. Qualified Charitable Distributions, in the past, have had the possibility of being cut, but in 2015 they finally made it permanent. So, since Erickson Wealth & Tax Management do have some clients that qualify, we thought we would explain what and how this distribution works.

     The basic rules for doing a qualified charitable distribution is:

    ·         You must be 70 ½

    ·         Must be a public charity (Church, Community Center, University)

    ·         The limit per year is $100,000.00

    The benefit of a Qualified Charitable Distribution is, you take money out of your taxable IRA account and you directly give those funds or the proceeds of those funds to a qualified public charity making it a tax-free transaction. If you take money out as a distribution first and then give to the charity it raises your income higher which raises some thresholds and may cause some of your social security benefits to be taxable and it may increase the threshold to deduct medical expenses.

    This is perfect for is the person over 70 ½, who doesn’t want to spend their required minimum distribution, and want to give to charity. If you fall into this category and you are interested in considering a Qualified Charitable Distribution, Curtis and Lauren can help you out with the tax benefits.

    Thank you for watching this episode of EricksonTV. We will see you next time.

    Curtis Erickson

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    Curtis Erickson | 05/05/2017



    Erickson Wealth and Tax Management, CPA
    W. Curtis Erickson Jr, PS Inc.
    Registered Investment Advisor

    200 1st Avenue West Suite 401, Seattle, WA 98119
    T: (206)284-9900 F: (206)289-5900 E: curt@curtcpa.com
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    Registered Investment Advisor 2021



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