A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.
RMDs are required annually starting at age 70 ½. In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA.
Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare. Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.
Feeding Greene is a 501(c)(3) and is therefore a qualifying agency. Your IRA custodian will be able to assist you with this process and if you have any questions for Feeding Greene, please contact Anna Brown ambdkf@gmail.com or (704)975-1600.
RMDs are required annually starting at age 70 ½. In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA.
Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare. Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.
Feeding Greene is a 501(c)(3) and is therefore a qualifying agency. Your IRA custodian will be able to assist you with this process and if you have any questions for Feeding Greene, please contact Anna Brown ambdkf@gmail.com or (704)975-1600.