A minimum distribution can help your community in many ways

Anna Derby

LW contributor

The Golden Age Foundation is a nonprofit organization dedicated to serving the special needs of Leisure World residents. It was established in 1973 by members of the Board of Directors of the Golden Rain Foundation.

GAF’s purpose is to make the community a better place to live. It is able to provide various programs and projects through the generosity of individuals in the

community. The effects of COVID-19 have increased the need for services from nonprofits this year. Most nonprofit organizations raise the majority of their funds through events. Unfortunately, many nonprofits have been hit hard due to the inability to hold a fundraising event in person, and the GAF is no different.

GAF will publish this series over the next few weeks to show how LWers can support GAF programs. One of those ways is through a minimum distribution. If you are 70 and a half years, or is over and have an Individual Retirement Account (IRA), you are required to take part of your income via a yearly Required Minimum Distribution (RMD). On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted, which waives the RMD obligation from retirement accounts in 2020. Anyone wanting to take part of their income via a yearly Required Minimum Distribution to donate to a charitable nonprofit organization can. The withdrawal is taxed as ordinary income in the year of withdrawal. However, if the distribution goes directly to charity, you won’t pay a tax.

Allocating part of your RMD to the GAF is a simple way to help support many GAF programs in Leisure World. Ask your tax or investment advisor about how to distribute funds to a nonprofit organization The Golden Age Foundation is a 501 (c) (3) organization (tax ID # 23-7273105). Distributions should be sent to the Golden Age Foundation, P.O. Box 2369, Seal Beach, CA 90740. For more information, visit www.goldenagefdn. org or by call (562) 431-9589.