Individuals cannot keep money in their retirement accounts forever. Beginning on April 1, of the calendar year after turning 701/2, individuals must start making withdrawals from their IRA, Simple IRA, SEP IRA, or retirement plan account. The minimum withdrawal amount is called the Required Minimum Distribution (RMD). Generally, the RMD is calculated from an IRS Uniform Lifetime table.
Some people find they do not need the RMD for living expenses and prefer to donate the funds toward their favorite charity or charities. A law made permanent in 2015, allows donors aged 701/2 to make a qualified charitable distribution from …read more
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