Did you know that you can contribute to charity from your Individual Retirement Account (IRA)? This makes incredible sense, especially if you are of an age when the IRS requires that you withdraw a Required Minimum Distribution (RMD) from your IRA. By directly donating all or a portion of your RMD to a non-profit as a Qualified Charitable Distribution (QCD), you can support the charities you believe in and save on taxes.
Long-time supporters, Edward Monnig and Jackie Wedell, do just that.
“My wife and I contribute to organizations such as Five Valleys Land Trust most fundamentally because we value and honor the work of these organizations and wish them to prosper. We would do this regardless of tax savings: however, tax savings associated with QCDs sweeten the process.” - Ed Monnig
Ed adds, “We contribute directly from our Individual Retirement Accounts as part of our Required Minimum Distribution and thus reduce our taxable income even when we do not itemize our deductions on our income tax return.”
By giving through a QCD, the funds do not count as personal income because they go directly to the charities of your choice. So, not only can you reduce your taxable income, but you might also end up in a lower tax bracket and decrease your Medicare premium! You can donate all or a portion of your RMD to one or several or your favorite non-profits.
To learn more, contact the administrator of your retirement account, or reach out to Five Valleys to find out how simple and straightforward it can be to set up a QCD:
Minette Johnson, Planned Giving Officer
Phone: 406-519-5191
Email: minette@fvlt.org
Northern Pygmy Owl by Paul Queneau
