Required Minimum Distribution
For our friends, at least 70 years and six months, United Community Centers wants to pass along the following information. You may be able to benefit UCC and receive a tax benefit. A direct gift from your IRA may be nontaxable and may count towards your required minimum distribution.
From IRS Publication 590-B:
“Qualified charitable distributions.
A qualified charitable distribution (QCD) generally is a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions. You must be at least age 70½ when the distribution was made. Also, you must have the same type of acknowledgment of your contribution that you would need to claim a deduction for a charitable contribution.
A QCD will count towards your required minimum distribution, discussed earlier.”
United Community Centers does not give tax advice so please check with your financial or legal advisor.
If this is right for you, please contact your IRA administrator so that the distribution to your charity is direct from the IRA trustee. If you choose United Community Centers, they can contact UCC at 817-927-5556 x 114, or email firstname.lastname@example.org