Charitable IRA Gifts
IRA Charitable Rollover or ‘qualified charitable distribution’
If you are 70½ Years Old and older, you can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as WMEAC without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference for the environment. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
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Why Consider This Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making.
You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
(This document does not constitute tax advice. We recommend that you consult with your attorney or tax advisor for the various tax benefits and restrictions that may apply to your specific situation. We are available to you and your advisors to answer questions or help arrange a gift to WMEAC.)
