Dear UUCC Members and Friends,
Did you turn 72 years old? or Are you turning 72 in 2022?
No need to raise your hand! we promise to keep this confidential if you wish!
If you turned (or will turn) 72 this year, IRS rules require you to take Required Minimum Distributions from your IRA or other defined contribution retirement plan for 2022 by April 1, 2023.If you are 73 or older in 2022 then December 31, 2022 is the deadline for making a RMD. “
(These distributions are taxed as part of our income tax obligation.)
This year Dell and I turned 72 and found that the IRS requires that we take Minimum Required Distributions ( RMDs) from our employment retirement accounts which were tax-deferred (401 (K) and 403 (b) ) at the time we saved.
We learned that by donating all (or portions) of our RMDs, called Qualified Distributions —we avoided paying income tax on the distributions and got the added bonus of paying our annual pledge and making additional charitable gifts to this congregation and to our grandchildren’s schools.
It was a win-win ( if the income is not needed for other expenses)
If you haven’t taken your distribution yet for this year or would like to learn how you can assign it to UUCC or other charitable organizations, please reach out to Lou Salza, Chairperson of the Finance Committee, or reach out to your tax advisor! Your tax advisor can offer you counsel that is personal and meaningful—Lou can only tell you what he and Dell did with their T Rowe Price IRAs.
With gratitude in fellowship,
Lou
Finance Committee Chairperson
440-653-6850