Is it time for your Required Minimum Distribution (RMD) from your pre-tax retirement account?
Lower your taxes with a Qualified Charitable Distribution (QCD)
You need to begin taking required minimum distributions (RMDs) from your pre-tax retirement accounts once you reach age 72. But if you are financially secure and don’t need this distribution, it can push you into a higher tax bracket and increase your taxes. You can directly transfer your RMD from your retirement account to charity and this is called a Qualified Charitable Distribution (QCD). The IRS allows individuals over age 70 and a half to donate up to $100,000 per year from a retirement account directly to charity, with no negative tax impact. The benefits of making a QCD include the following:
While a qualified charitable distribution can be a great way to minimize your taxes and maximize your charitable impact, it may not be the best strategy for everyone. Consult with your financial planner to decide if a QCD is right for you.
Mailing Address: East Coast Greenway Alliance Attn: Debbie West 5826 Fayetteville Road, Suite 210 Durham, NC 27713
Tax Identification Number: 04-3326812.
The East Coast Greenway Alliance is tax exempt under section 501(c)(3) of the Internal Revenue Code.
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