As Part of Your Financial Planning
If you are age 72 or older, IRS rules require you to take required minimum distributions
(RMDs) each year from your tax-deferred retirement accounts.
The IRS allows your yearly Required Minimal Distributions to be donated to 501(c)3 charities
through a Qualified Charity Distribution (QCD). A QCD is a direct transfer of funds from your
IRA, payable directly to a qualified charity like Family Promise of Metro East.
To eliminate or reduce the impact of RMD income, charitably inclined investors may want to
consider making a qualified charitable distribution (QCD).The QCD allows charity donations that
could result in significant tax savings.
Tip: With the 2020 tax law changes, there’s 1 additional factor to consider: you may take
advantage of the higher standard deduction ($12,950 for single filers, $25,900 if married and
filing jointly for 2022). This means that if you claim the standard deduction, you won't be allowed
to itemize things like charitable donations. However, since QCDs are not includable in income
the QCD is also not deductible. As such, the QCD can remain an option for your charitable
giving, even if you claim the standard deduction in a given year.
quali
If you have to take a required minimum distribution from your retirement accounts, Family
Promise of Metro East encourages you to consider this opportunity to invest in children and
families experiencing homelessness in our communities through a qualified charitable decuction.
Please contact your financial advisor or the financial agency responsible for the retirement fund
to find out more and schedule your Qualified Charity Distribution before December 31
Read more about this opportunity to expand your philanthropic portfolio in Forbes.
(RMDs) each year from your tax-deferred retirement accounts.
The IRS allows your yearly Required Minimal Distributions to be donated to 501(c)3 charities
through a Qualified Charity Distribution (QCD). A QCD is a direct transfer of funds from your
IRA, payable directly to a qualified charity like Family Promise of Metro East.
To eliminate or reduce the impact of RMD income, charitably inclined investors may want to
consider making a qualified charitable distribution (QCD).The QCD allows charity donations that
could result in significant tax savings.
Tip: With the 2020 tax law changes, there’s 1 additional factor to consider: you may take
advantage of the higher standard deduction ($12,950 for single filers, $25,900 if married and
filing jointly for 2022). This means that if you claim the standard deduction, you won't be allowed
to itemize things like charitable donations. However, since QCDs are not includable in income
the QCD is also not deductible. As such, the QCD can remain an option for your charitable
giving, even if you claim the standard deduction in a given year.
quali
If you have to take a required minimum distribution from your retirement accounts, Family
Promise of Metro East encourages you to consider this opportunity to invest in children and
families experiencing homelessness in our communities through a qualified charitable decuction.
Please contact your financial advisor or the financial agency responsible for the retirement fund
to find out more and schedule your Qualified Charity Distribution before December 31
Read more about this opportunity to expand your philanthropic portfolio in Forbes.
