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IRA Gifts

IRA Gifts

Did you know you can give through your IRA?

Do you have an IRA and an RMD each year? Have you heard of a Qualified Charitable Distributions (QCD) from your IRA? Anyone 70.5 years of age or older can give a tax-free Qualified Charitable Distribution (QCD) from a traditional IRA account.
 

What is a qualified charitable distribution (QCD)?

A qualified charitable distribution (QCD) is a distribution of funds from your IRA directly to a qualified charitable organization, such as Insight Memory Care Center. Because the gift goes directly to the charity without passing through your hands, the dollar amount of the gift may be excluded from your taxable income up to a maximum of $100,000 annually, with some exceptions.  Please consult your tax advisor for information regarding your specific exceptions.

To learn more about QCDs, please visit IRS.gov

 

Who can make a qualified charitable distribution (QCD)?

QCDs can be made by IRA owners who are age 70 1/2 or older. QCDs made prior to the age you are required to take a minimum distribution from your retirement assets (pre-Required Minimum Distribution QCDs) will not reduce or otherwise impact future Required Minimum Distribution.  Ask your financial or tax advisor what makes the best sense for you.

Many individuals who are required to take money from their IRA but do not need it for living expenses have chosen to make QCDs from their IRAs to support the work of Insight Memory Care Center. This may make sense for you too!

To learn more about eligibility, please visit the IRS website:
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals

 

How do I make a qualified charitable distribution (QCD) to Insight Memory Care Center?

Your QCD must be made directly from your IRA custodian to Insight Memory Care Center on your behalf. Each financial institution has its own process for initiating a qualified charitable distribution. Many retirement plan administrators require you to use their distribution forms and comply with other requirements, so follow your financial institution’s forms and procedures to ensure you receive any potential tax benefits associated with this gift.

 

What is a required minimum distribution (RMD)?

If you have an IRA and are 70 ½ years old, you probably know what an RMD is. Basically, you cannot keep retirement funds in your account indefinitely. You generally must start taking withdrawals from your IRA or retirement plan account when you reach age 70½ which is called your required minimum distribution or RMD, the minimum amount you must withdraw from your account each year.

 

Questions? Please contact Robin McGlothin, Director of Philanthropy, at robin.mcglothin@insightmcc.org or 703-270-0041.

 

 

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