To the Editor:
According to my C.P.A. tax preparer, I am his only 70-1/2 or older client that utilized the tax subject for his 2018 taxes and I will be receiving a refund from the IRS whereas if I had not utilized the IRA-qualified charitable distribution for my 2018 taxes, I would have had to pay the IRS.
So, my fellow senior citizens, for the upcoming tax years 2019 and 2020 and maybe until U.S. House of Representatives' Alexandria Ocasio-Cortez's proposal to raise the top income tax rate to 70 percent and the small print, raise everyone else's taxes significantly.
If you have an IRA account like an IRA rollover from your 401K that you have to take a Minimum Required Distribution, (MRD), from each year, consider this: 1. The dollar amount given to a legitimate charity or charities, recognized by the IRS, i.e. your church, is directly deducted from your Adjusted Gross Income. 2. At your request, your IRA account holder will send you the forms required and then you fill in the blanks, I did it myself and I am not an accountant or a rocket scientist. 3. It must be your first distribution from your IRA account for the upcoming tax year. In other words, if you already have received an MRD for tax year 2019 from your IRA account, then you cannot utilize these forms. 4. After filling in the blanks, you send the forms back to your IRA account holder and the dollar amounts are sent directly to the charity or charities of your choice, (the monies cannot be sent to you, to then send to the charity or charities).