Donating to Charity through your IRA

 

  • Are you age 70 ½ or above?

  • Do you have an IRA?

  • Do you want to make charitable donations?

 

Charitably-minded individuals and couples age 70½ and older have a tax-smart strategy called a qualified charitable distribution (QCD), also known as a charitable IRA rollover. The QCD allows a donor to instruct an IRA administrator to send up to $100,000 per year—all or part of the annual RMD—to one or more qualifying charities. Couples who submit tax returns with married filing jointly status each qualify for annual QCDs of up to $100,000, for a potential total of $200,000. So with QCDs, more of your assets can be used to support your favorite charities that are making a difference.

 

The IRA assets go directly to charity, so donors don't report QCDs as taxable income and don't owe any taxes on the QCD, even if they do not itemize deductions. Some donors may also find that QCDs provide greater tax savings than cash donations for which charitable tax deductions are claimed. This is because adjusted gross income (AGI) is reduced, as shown in the case study below, and AGI is used in several key calculations, such as determining the taxable portion of Social Security benefits or what deductions and credits donors qualify for receiving. 

 

To learn more, contact your financial advisor or visit https://www.irs.gov/newsroom/seniors-can-reduce-their-tax-burden-by-donating-to-charity-through-their-ira.

 

To connect your IRA administrator with the Familial Dysautonomia Foundation, please contact us at info@famdys.org or 212-279-1066.

 

 

 

 

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