Once someone turns 73, specific amounts must be taken from retirement plans yearly, which is known as a required minimum distribution (RMD). This is subject to ordinary income tax and can be taxed federally and at the state level. To reduced taxable income, you may consider donating your RMD directly to First Sarasota through a qualified charitable distribution. When doing so, you lower your tax liability while fulfilling your RMD, and First Sarasota receives the founds without credit card fees.
In order to give through one of these methods, please call our finance office at (941) 365-2846.