RMD Updates

THERE ARE NO KNOWN CHANGES FOR 2025

IRA Contribution Limits:  Depending on your income, the maximum IRA contribution is $7,000 total (Traditional and ROTH combined).  For those who are 50 years of age or older, the $1,000 catch-up limit still applies (i.e. $8,000 total).

Required Minimum Distributions (RMD):  If by the end of this calendar year you will be 73 years old, then you will need to take RMD.  Call our office for more details.

Qualified Charitable Distributions (QCD):  For those above 70½ years of age, you may give to a 501(c)(3) charity directly from your Traditional IRA or your Inherited Traditional IRA -- which means you don't need to pay taxes on that particular amount.  In addition, you can satisfy RMD requirements after you turn 73.  Please call our office for more details.

If you have been taking advantage of the above QCD procedure, then you will want to fill out your tax forms correctly in order to receive the tax benefit.  Please have your accountant take a close look at the QCD instructional sheet we compiled.

Remember to call your Financial Professional at (402) 571-1505 if you have any comments or questions about your particular situation.