Qualified Charitable Distributions
Qualified donors can give directly from their IRA to reduce taxable income and fulfill required minimum distributions.
Did You KNow?
If you are at least 70.5 years old, have IRA funds you want to donate to charity, and want to maximize your tax benefits, a donation to Stars and Stripes Dog Rescue in the form of an IRA qualified charitable distribution could be the perfect way for you to support homeless animals.
Donors can lower their taxable income by donating some or all ($100 to $100,000/year) of their funds from their IRA to a nonprofit organization like Stars and Stripes Dog Rescue. As long as you are at least 70.5 years old and have a traditional or Roth IRA, you are eligible to make a gift from that fund to support a public charity. This way of giving can be a great benefit to those who don’t normally itemize their charitable deductions.
If you are 73-years-old, or older, and have a required minimum distribution from your IRA, you can decrease the amount you take for yourself as taxable income by deferring all, or a portion of, your required minimum distribution funds to a charity instead.
Let your IRA administrator know that you’d like to make a charitable contribution and direct them to send the funds directly to Stars and Stripes Dog Rescue on your behalf. If you take the distribution for yourself and then write a check to Stars and Stripes Dog Rescue using those funds, you could negate beneficial tax advantages for yourself.
Below is helpful information you may need in this transaction. As always, we recommend that you consult your tax or financial professional for advice.
