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Direct Donations from an IRA

At the close of 2015, lawmakers approved the Protecting Americans from Tax Hikes (PATH) Act. A provision of this Act made permanent Qualified Charitable Distributions (QCDs) from individual retirement accounts. This is superb news for Presbyterians looking to support their favorite missions and congregations in a tax-advantaged way.


Requirements

  • Donor must be 70½ or older at the time the distribution is made
  • QCDs are made from IRAs or Roth IRAs
  • Distributions must be made directly to an organization eligible to receive tax deductible contributions (certain exclusions apply)
  • $100,000 annual limit
  • Charity receiving gift must provide donor proper substantiation of the gift

Benefits

  • Can satisfy required minimum distribution (RMD) requirements in year QCD is made
  • QCD amount is not included in the donor’s adjusted gross income, helping to potentially avoid increased taxes on SSI, higher Medicare premiums, and the loss of deductions/exemptions
  • Provides donors that use the standard deduction a tax break for the contribution

For assistance contact us at 800-858-6127, or by email.
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