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Satisfying Your RMD with a Charitable Donation

07 Thursday Nov 2019

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white and black desk calculator on white graphing paper

Photo by Pixabay on Pexels.com

We are only 160 days away from Tax Day 2020. While it may be a little early to start preparing for filing taxes, but it is time to start thinking about specific tax requirements.

If you are 70 ½ years or older, the IRS requires you to take required minimum deposits (RMDs) from your tax-deferred accounts. As you know, this increase in income may push you into a higher tax bracket and reduce your eligibility for credits or deductions. If you would like to reduce the impact of RMD income, you may consider making a qualified charitable distribution (QCD) to a nonprofit organization near and dear to your heart.

A QCD is a direct transfer of funds from an IRA custodian to a qualified charity. Amounts distributed as a QCD can go towards satisfying your RMD for the tax year, up to $100,000, and can be excluded from your taxable income. Regular IRA withdrawals would, of course, still be counted as taxable income.

Certain conditions must be met to make a Qualified Charitable Donation. First, the organization must be a 501(c)(3) organization that is eligible to receive tax-deductible contributions. Second, the funds must be transferred directly from your IRA custodian to the organization of your choice. Lastly, the funds must come out of your IRA before the 2019 RMD deadline of December 31.

The best way to determine if your IRA and charity qualify for QCDs is to talk with your trusted tax advisor. He or she will be able to tell you whether or not you can satisfy your RMD with charitable giving.

At Lions Pride, we appreciate the giving hearts of those who have contributed through their RMD over the past few years. We hope you’ll consider joining them if you are required to withdraw from your tax-deferred retirement accounts. Thank you in advance for helping us expanding our support of Lions Camp and all WLF projects.

 

Lions Pride Endowment Fund of WI, Inc. does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

3 Ways to Express Your Gratitude This Mother’s Day

11 Thursday May 2017

Posted by in Holidays, Lions Camp, Special Events, Uncategorized

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We hope that we’re not the first ones to Happy Mothers Daytell you that Mother’s Day is only 48 hours away. While this may seem to be another obvious greeting card holiday, don’t fall for the deception! Mother’s Day is a holiday that honors motherhood and takes many forms all over the globe. In America form of Mother’s Day was created in 1908 by Anna Jarvis, and became an official US holiday in 1914. (She later tried to denounce the commercialization of the holiday and spent much of her lifetime trying to remove the holiday from the calendar, but that’s a story for another day!)

There’s no question in our minds that parenthood, and motherhood, in particular, is one of the most challenging jobs that comes with its own share of sacrifices. Mother’s Day is a wonderful holiday that gives us all an opportunity to show the moms in our lives how much they mean to us.

Often, this gratitude comes in the form of gifts, but gifts don’t necessarily need to include the typical card and flowers. This Mother’s Day, think about giving a more creative present to the moms in your life with a few ideas:

  • Giving your time: Rather than giving a physical present, say, “I love you” with the gift of your time. In this day and age, it’s easy for time to get away with us. Spend Sunday doing the activity of her choice like going to church, seeing a movie or just spending the afternoon catching up. We are confident that mothers will agree that there’s nothing better than spending precious time together.
  • Taking on her usual duties: In life, we all have responsibilities that we don’t much care for. Whether it’s scrubbing toilets, washing dishes or eliminating loads of laundry, take one or all of those duties to give her a chance to put her feet up and relax. After all, how often does that actually happen at home?
  • Giving a gift that keeps on giving: It’s very likely that Mom has a special cause that she cares about. Help that organization carry on in their mission by giving a gift in her honor. If your mom is a Lions Pride supporter, consider giving an honorarium donation to help us continue preserving, providing and protecting for the Wisconsin Lions Camp and all WLF statewide projects. Click her for a memorial/honorarium form.

Remember that the best gifts in life don’t always come packed with ribbons and bows. This Mother’s Day, say “thank you” to the most important moms in your life with a present that she won’t soon forget. How do you plan to express your gratitude?

From all of us at Lions Pride, Happy Mother’s Day!

Fun Facts About Leap Day

25 Thursday Feb 2016

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There are 365 days in a calendar year, but did you know that it actually takes the Earth Lion Leapingabout 365 days, 5 hours, 48 minutes and 45 seconds to rotate around the sun? To make up for the difference, every four years we are graced with an extra day called Leap Day, which is coming up this Monday.

You probably remember the number 365 ¼ from an elementary school science class, but bet you didn’t know all of the following fun facts about Leap Year (until now, of course):

  1. The chance of being born on February 29 is approximately 1 in 1,461.

    Those born on this special day are called “Leapers” or “Leaplings”, and typically celebrate their birthday on February 28 or March 1.

  1. In Leap Years, it is considered “acceptable” for women to propose to men.

    Of course, times have changed where there is nothing wrong for women to propose marriage; however, this was not always the case. Legend says that the tradition goes back to the 5th Century Ireland when St. Bridget was complaining to St. Patrick about women having to wait so long for men to propose. He agreed to let women have one day to propose, February 29.

  2. We add an additional day to the calendar, almost every 4 years.

    Julius Cesar first introduced the Leap Year in 46 BC. His only criterion was that the year must be divisible by 4. Unfortunately, this formula produced too many leap years, but wasn’t fixed until the creation of the Gregorian Calendar where two more criteria were added:

    If the year can be evenly divided by 100, it is not a leap year, unless; the year is also evenly divisible by 400 then it is a leap year.

    Many of us will never see a skipped Leap Year. The last skipped Leap Year was in 1900, and the next skipped Leap Year will be in the year 2100.Not all countries add an extra day.

  1. Rather than adding another day in February, the Chinese calendar adds an entire month every three years. Their last Leap Year was in 2015.

    In Ethiopia, the calendar consists of 13 months. The first 12 months have 30 days each and the last month has 5 days in the typical year, and 6 days in a Leap Year.

Remember, it’s not every day that we get an extra 24 hours to spend as we choose! How do you plan to spend your bonus day?

Happy Leap Day from Lions Pride!

The 2016 A2 District Convention

18 Thursday Feb 2016

Posted by in Conventions, News, Special Events, Uncategorized

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A2 ConventionWelcome to the third week of February. If you are an active Lions Pride blog reader, you know that we are smack dabbed in the middle of our convention season. This weekend, we will continue our trek across the state in Oconomowoc for the Broadway-themed 27-A2 District Convention at the Olympia Resort and Spa.

The conference will kick-off with a Friday night fish, raffle drawings and a fun social where all attendees are to dress as their favorite Broadway musical character.

Saturday will start off on a high note with meetings and gatherings as well as presentations from a few Wisconsin Lions partners. We’ll hear from the Hope House, Leader Dogs, our very own Executive Director Geri Schlender, sharing information on the Lions Pride Endowment Fund and more. Throughout the day, participants will be able to visit the Lions Hall of Awareness and Pin Traders.

Saturday night, everyone is in for a great treat as we have the opportunity to enjoy the “Broadway Musical Review” courtesy of the Hartford Union High School Concert Choir, during the banquet awards.

We’re excited to see all of our friends at the upcoming District 27-A2 Convention and looking forward to another exciting weekend full of learning and fun. Are you planning on attending the conference?

From all of us here at Lions Pride, we hope you enjoy your weekend, no matter how you plan to spend it!

 

 

 

 

 

Central Wisconsin Fall Foliage

01 Thursday Oct 2015

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It’s hard to believe, but we made our way through another month and another season.

Fall in Central Wisconsin

Photo Credit to Walter Brimmer

We may only be a week in, but the crispness in the air tells us that autumn is definitely here.

This weekend, our Council of Governors will be having their second annual meeting and the 1st Vice Governors will be attending a training session, but what are you doing? If you love the changing fall colors, you may want to get out and explore!

According to Travel Wisconsin’s Fall Color Report, Portage County is only 35 percent into peak color; however, Northern counties such as Sawyer, Price and Oneida are already reaching their peak. If you’ve been longing for a road trip, this may be the opportunity.

Lions Pride researched Travel Wisconsin, and found they put together a guide for 11 scenic drives to take advantage of when the leaves are turning. One drive is actually not far for many of us; did you know that three of the state’s highest points are right here in Central Wisconsin? Ride along the Hilltop Tour to take in the color from a different angle. Climb up the 60-foot observation tower in Rib Mountain; hike up Timm’s Hill (the highest point in the state) and overlook the colorful hillside at The Highground near Neillsville.

If you don’t consider yourself to be a follower, you can always come up with a fall foliage trip of your own. With all of the scenic highways and rustic roads in Wisconsin, finding an appealing path shouldn’t be a big challenge.

Fall is one of the most beautiful times of the year in our state. Be sure to take a step back and take it all in when it’s here. And don’t worry about our Lions Leadership Team – they won’t be working all weekend so there will still be plenty of time for them to relish the fall colors, too.

From all of us here at Lions Pride, enjoy your fall weekend!

International Holocaust Remembrance Day Revisited

29 Thursday Jan 2015

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Tuesday, January 27, marked the tenth anniversary of International Holocaust Remembrance Day and the 70th Anniversary of the liberation of Auschwitz-Birkenau. Although the day may have already come and gone, at Lions Pride, we wholeheartedly agree with the many sources that have said, “We must remember, remind and never forget.”

Less than a century ago, over six million innocent people were killed because of one defining factor, their faith. Commemorating this anniversary gives us a chance to reflect on the progress the world has made since that time, while realizing how far we still have to go.

With each passing day, we get closer and closer to a time when there will be no remaining Holocaust survivors to tell us their first-hand experience about that troubling period; all we will have left are pictures.

Take some time this week to follow to remember those innocent men, women and children.

If you are planning to travel this summer there are a number of Museums that share the story of the Holocaust. Here is the list by state: