SMART GIVING TODAY & TOMORROW:
USING YOUR IRA FOR CHARITABLE GIVING
Using an IRA for Charitable Giving today is a great way to reduce taxes today while supporting charitable organizations, such as Meds & Food for Kids (MFK).
You can make a gift directly from your IRA, called a “Qualified Charitable Distribution” (QCD), which you can do starting from when you turn age 70 1⁄2, if you are no longer working and contributing to an IRA.
A Qualified Charitable Distribution (QCD) is an otherwise taxable distribution from your IRA that is paid directly from your IRA to a qualified charity, such as Meds & Food for Kids. Your QCD can satisfy all or part of your Required Minimum Distribution (RMD) from your IRA.
WHAT ARE THE TAX BENEFITS?
When you make a QCD to Meds & Food for Kids, you will still report the distribution on your tax return, however, the “taxable amount” will be less the amount of your gift. Note, you do not get a charitable deduction as the QCD has already been taken out of your income. A QCD also reduces your Adjusted Gross Income (AGI) upon which many other tax items and Medicare payments are based.
These materials were prepared for informational purposes only based on materials deemed reliable, but the accuracy of which has not been independently verified. You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. These materials do not take into consideration your personal circumstances, financial or otherwise.
Prepared by Sward Team of the Moneta Group | 314.244.3301 | swardteam@monetagroup.com
For more information, contact Maggie Probert, mprobert@mfkhaiti.org.
