Giving Through Retirement Assets
Due to special tax considerations, you could use your plan to make a gift. A Qualified Charitable Distribution (QCD) from an Individual Retirement Account (IRA) helps you donate funds without counting them as income and incurring penalties.
QCDs let you reach your philanthropic goals and meet your required minimum distribution (RMD), or the smallest amount a person over the age of 70.5 must distribute each year from their IRA.
Benefits of Qualified Charitable Distribution
- If you don’t itemize your income tax deductions, a QCD offers all of the benefits of an itemized income tax charitable deduction.
- If you are age 70.5 or older and must take a Required Minimum Distribution RMD, a QCD gift can satisfy your RMD without increasing your income taxes.
To leverage your retirement plan through a donation, connect with your IRA Administrator. Not sure where to start? Email Sarah Olson (email@example.com) to request a sample letter you can send to your IRA Administrator to communicate your wishes.