If you are diagnosed with hypersomnia, your doctor can prescribe various drugs to treat it, including stimulants, antidepressants, as well as several newer medications (for example, Provigil and Xyrem).
You may have your 2015 RMD made payable directly to the charity (provided it meets the IRS definition of a qualified charity), and then designate it as a qualified charitable distribution on your tax return. You'll have satisfied your distribution requirement, and you won't have to pay income taxes on that money.
charitable contribution deductions are limited to a lower percentage (or are eliminated altogether) for taxpayers who do not itemize and take the standard deduction. Turn your required distributions into charitable donations IRS rules mandate that individuals age 701/2 and older take RMDs from their IRA each year, regardless of whether the income is needed. These annual withdrawals are subject to ordinary income taxes. By making a charitable contribution from your IRA, you can satisfy your RMD amount without reporting additional income. This provision may be especially attractive for retirees who donât need all the income from their IRA to meet current living expenses. By donating the money to charity, you can enjoy the satisfaction of knowing that you are contributing to a worthy cause while effectively lowering your tax bill. Is a charitable contribution from an IRA right for you? Donating IRA assets can be a financially rewarding strategy for both you and the charity. As always, you should talk