For some of you “Minimum Required Distribution” is a foreign concept and for others this may be a needed reminder. Basically, after a person reach 70 ½ they must withdraw a certain amount from their retirement accounts or face stiff tax penalties. Although that money was not taxed when it was put into the retirement account, it is taxable when it is withdrawn. To avoid those taxes the amount that a person is required to withdraw (or more) may be donated to a charity. If you or your parents would like additional information, they should talk to their CPA or we can also provide some additional information. What a wonderful way to save taxes and benefit God’s work at Servant’s Heart Camp.
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