La Voce Italiana is published six times a year by the Italian Cultural & Community Center (ICCC) of Houston as the voice of all things Italian. It is a digital publication where you can find articles about Italian culture and news from the ICCC Houston.
A Tax-Free Gift with an IRA – A Special Opportunity for Those 70 1/2 Years Old and Older
by the ICCC Team
After years of contributing to tax- deferred 401(k)s and IRAs, inome tax is due on that money when you take withdrawals in retirement. Annual withdrawals from traditional retirement accounts are required after age 72 (73 if you reach age 72 after December 31, 2022). If you are in the fortunate position of not needing your total distribution for living expenses and are charitably inclined, you can avoid income tax on your withdrawal by donating a portion of your money directly to a qualifying charity.
IRA owners must be age 70 1/2 or older to make a tax-free charitable contrbution. You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity, such as the Italian Cultural & Community Center (ICCC) of Houston, without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit. This type of gift option is referred to as the IRA charitable rollover or a qualified charitable distribution (QCD). The gift must be made directly from the IRA to the qualified 501c3 charitable organization.
Rent the historical Milford House for your special events and occasions. Located in the stylish and charming Museum District, the Milford House is listed in the National Register of Historic Places and a designated City of Houston Landmark.
There is space for intimate seating as well as a banquet hall, which seats up to 120 people. The house can accommodate the simplest event to a formal reception. There is ample space for musicians. There is also an attached commercial kitchen. Outside caterers are welcome.
The Daughters of Italian Heritage have embarked on expanding our community outreach. At the June meeting, members worked together to provide birthday bags for seniors in the Meals on Wheels program. The members showed their creative artistic skills in “glamming” 250 birthday bags creatively decorated and filled with special wishes for birthdays of the seniors.
Meetings continue to be full of fun filled activities. Members share stories of their heritage, learn about ancestor’s first steps onto U.S. soil and build their legacies at the monthly meetings. These stories are quite interesting and inspiring. It is an amazing passage through Italian/American history, as well. Along with learning Italian history first hand, Italian language lessons are happening at the meetings.