A Special Opportunity for Those 70½ Years Old and Older: You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as the YMCA of Greater Rochester without having to pay income taxes on the money.
Gifts of any value of $100,000 or less are eligible for this benefit, and you can feel good knowing that you are making a difference at the Y.
This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Please contact Andy Powers for more information on making a gift through your retirement account. To learn more about IRA charitable rollovers/QCDs, please review these resources.
To give a gift by check, please send it to 100 Chestnut Street, Suite 901 Rochester, NY 14604.