Individual Retirement Accounts (IRAs)—the annual contribution limit for both traditional and Roth IRAs is $5,500 with a $1,000 catch-up contribution.
The SIMPLE—the annual contribution limit on SIMPLE retirement accounts for 2018 is $12,500. The SIMPLE catch-up limit is $3,000.
January 2016 ushered in a great tax savings opportunity for those who are 70 ½ or more years of age. That’s because 2016 is the year Congress finally gave permanent approval to the option of Qualified Charitable Distributions, or QCDs.
The Profile of a QCD Candidate
The only stipulations to participate in a QCD are that you are 70 ½ years of age or older, that you have a traditional Individual Retirement Account (IRA), and that you are willing to donate to an IRS-qualified charity.
Tags: Tax Management