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2017 IRA Changes – What You Need to Know

Tuesday, January 10th, 2017 and is filed under Financial Planning Tips, Uncategorized

2017 IRA Changes and What They Mean for Your Retirement AccountEach new year brings change and 2017 is no different when it comes to keeping up with your retirement savings accounts. Here is what you need to know when it comes to 2017 IRA changes.

IRA Charitable Contributions

After age 70 ½, withdrawals from traditional IRAs are required and income tax may be due on each distribution. However, if you’re age 70 ½ and donate all or part of your distribution ($100,000 max) directly to a qualified charity you won’t owe tax on that transaction. Introduced as a temporary measure in 2006, this ruling was made permanent by an appropriations bill in December 2015. Read More