![]() ![]() If you'd like more details, see IRS Publication 560. You may contribute to an SEP IRA if you are self-employed and have earned compensation. If you're a small business owner or a self-employed contractor or entrepreneur, a SEP IRA will help you save for your future retirement while enjoying tax benefits today. If you have questions, please contact us.Simplified Employee Pension IRA (SEP IRA)Ī Simplified Employee Pension IRA (SEP IRA) is the ideal retirement solution for the self-employed. We are happy to provide you with a sample transfer request letter to your plan administrator. We recommend that you seek advice from your financial advisor or tax professional prior to making a charitable rollover as personal circumstances can have a significant impact on whether charitable rollovers are advantageous. Eliason), 3939 Campbell Ave, Arlington, VA 22206 Legal name: Greater Washington Educational Telecommunications Assoc., Inc.The IRS does not allow for any goods or services to be transferred to you in exchange for a contribution from your IRA however, your WETA membership will be continued.You must receive an acknowledgment from WETA or other charity for each rollover contribution. ![]() Distributions must be made directly from the IRA trustee payable to WETA or another non-profit before December 31 to qualify for the current tax year. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible. Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs.Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions. Charitable contributions from an IRA must go directly to a public charity such as WETA.In addition, an IRA gift is not subject to the deduction limits on charitable donations. The distribution counts towards your required minimum distribution (RMD) for the current tax year and may help reduce your Adjusted Gross Income (AGI).The IRA Charitable Rollover permits individuals age 70 ½ or older to make distributions up to $100,000 from a traditional Individual Retirement Account or ROTH IRA directly to charitable organizations like WETA. ![]()
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