Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? By making what’s called a qualified charitable distribution (QCD), you can benefit Church of the Saviour while excluding up to $100,000 annually from gross income. These gifts, also known as “charitable IRA rollovers,” would otherwise be taxable IRA distributions.
If you give to Church of the Saviour (or other qualifying charities), you can use your Required Minimum Distribution (RMD) to make a gift, saving the tax you would have paid on that distribution. QCDs count toward satisfying any required minimum distributions (RMDs) that you would otherwise have to receive from your IRA, just as if you had received an actual distribution from the plan.
With the standard deduction now at $22,000, making a QCD can make your gift tax free, reducing your overall tax burden. Talk to your financial advisor, or click here to learn more.