One of Indiana’s Top Private Wealth Advisors, Terry DuPont, Reveals Little Known Tax Trick for Charitable Givers

December 06, 2019 - /PressAdvantage/ - Roann, IN., December 6, 2019 - Many retirees are forced to take Required Minimum Distributions (RMDs) from their traditional IRA or from their 401(k) plan. The amounts taken are taxed at ordinary income tax rates. Anyone that makes charitable contributions to qualified organizations could reduce their taxes by making those contributions directly from their IRA, rather than from their RMDs.

Terry DuPont says, “There is already legislation in place that can help just about anyone who is forced to take RMDs, yet don't need the money. We recommend to many of our clients who make regular charitable donations, including their weekly offering to their church, to make those donations directly to the institution from their IRA.”

Why should they do that, Terry asks. He says, “For those seniors who are not itemizing, this makes their donation indirectly deductible, since the direct RMD contribution is not taxable under current law. Each individual taxpayer is allowed to contribute up to $100,000 annually, $200,000 on a joint tax return, if paid directly from their IRA to a qualified 501(3)(c) charitable organization, without the distribution being subject to taxation."

This means that seniors who make regular charitable donations could save on taxes by making those donations from their IRA directly to the qualified 501(3)(c) charity, instead of withdrawing the money into a taxable account first.

About Terry DuPont, CRPS, CWPP

Terry DuPont is founder and CEO of DuPont Wealth Management, a Registered Investment Advisor and Legal Fiduciary firm. He feels it is his moral and professional responsibility to provide leadership and guidance in helping people cut through all the misleading, conflicting information and confusion that’s out there so they can make wise decisions leading to a life of success, meaning & significance with an emphasis on wealth preservation and protective growth. Terry says, “At the end of the day, I don’t care what you do… I do care that you have all the best available & appropriate choices to design, control and achieve your own bright & sunny future.”

Mr. DuPont is a member of the National Association of Insurance and Financial Advisors and the Elite Resource Team, as well as a Lead Advisor for the CPA Plus Network and Managing Director of the Advisor Plus Network, where he is one of only a few Advisors in the country that mentors and provides leadership to other Advisors and CPAs across the nation. He consistently fields calls from both camps for counsel & support with their practices, Wealth Management Oversight, Tax Mitigation, Wealth Preservation and Tax-Free Income Strategies, just to name a few. Terry has a passion for helping others succeed.

Terry is a Chartered Retirement Plans Specialist, Certified Wealth Preservation Planner and Certified Philanthropic Developer. He is a much sought-after speaker, author, founder of Blue Ocean Consulting, an advanced strategic planning firm, and DreamCatchers Initiative, a non-profit personal & business leadership & development curriculum, utilizing new world cultural teachings and breakthrough thinking.

Terry E. DuPont, CRPS, CWPP also co-authored a book called “Retire Abundantly,” which offers business owners, executives and professionals, wisdom, advice and principles on how to reduce income taxes and estate taxes to create a greater lifestyle and legacy. The book was released in early 2019.


For more information about DuPont Wealth Management, contact the company here:

DuPont Wealth Management
523 S Buffalo St
Warsaw, IN 46580

ReleaseID: 60032981

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