When planning your year-end giving, you may want to consider making a Qualified Charitable Distribution (QCD) from your IRA.
A QCD is a direct transfer of funds from your IRA 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.
A QCD excludes the amount distributed
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.
Any amount given above your RMD does not count toward satisfying
a future year’s RMD. Funds distributed directly to you, the IRA
owner, which you then give to charity, do not qualify as a QCD.
Stewardship & Development
Phone: 405-709-2745
Email: stewardship@archokc.org