The IRA Gift
NEW LAW: No Required Minimum Distributions in 2020!
As a part of the CARES Act, Congress has temporarily eliminated most required minimum distributions (“RMD”) from retirement plans during 2020. Check with your financial advisor to see how this might affect you. Even without an RMD, a QCD remains a great way to make tax advantageous contributions. Learn more about the CARES Act.
Here is a tax-smart way your giving can help SCA build the next generation of conservation leaders, while inspiring lifelong stewardship of the environment. The IRA charitable rollover (also called the Qualified Charitable Distribution, or QCD) is a great way to make a tax-free gift to SCA and satisfy your required minimum distribution.
1. Do I Qualify?
- You must be 70 ½ years old or older at the time of the gift
- Gifts must go directly from your IRA to SCA
- Gifts must come from an IRA account
- Gifts cannot exceed $100,000 per person, per year
2. Benefits of an IRA Charitable Rollover Gift
- Gifts can satisfy your RMD without increasing your income taxes
- You will not pay taxes on your IRA withdrawal when given to SCA
- You may direct your gift to an area or program of your choice
- It is a powerful way to help shape the future lives of students
3. How can I make a charitable IRA Rollover?
- How can I make a charitable IRA rollover?Your IRA administrator can help you make a qualified charitable distribution from your IRA. Be aware that many administrators require you to use their QCD distribution form and comply with other requirements. Please note that it is important to follow your financial institution’s forms and procedures to ensure you receive the tax benefits of a QCD.
Please fill in your email and/or phone number if you would like to speak to someone to learn more about this tax smart giving option.