Qualified Charitable Distributions

If you are 70.5 or older, giving from your IRA can help reduce your taxable income—and for those over 73 who must take a Required Minimum Distribution (RMD), an IRA gift is a simple way to fulfill it. Traditional and Roth IRAs are eligible. SEP or SIMPLE IRAs may qualify if they are no longer receiving contributions.

Benefits Include:

• • Avoid paying tax on your required minimum distribution this year. The distribution will not be counted as taxable income for this year, helping you stay in a lower tax bracket, and reducing the tax impact on your Social Security benefits.

  • The transfer is not subject to limitations on itemized deductions.
  • Enjoy a quick and easy estate tax reduction.

To Qualify:

• • • You must be 70 ½ years old or older by the end of the year.
    • The distribution must be directly to the Center from your plan trustee.
    • An individual may take a one-time QCD up to $55,000 to fund a charitable gift annuity (CGA) or charitable remainder trust (CRT).
    • The maximum contribution amount each year is $111,000 ($222,000 per couple).
    • Your transfer must be received by the last day of the calendar year.

If you’re interested in this popular way to support Western Justice Center, download a sample letter for your IRA administrator here.