Share Some Growth
The Consolidated Appropriations Act of 2016 made permanent Qualified Charitable Distributions (QCDs) made directly from individual retirement accounts for taxpayers who have reached age 70-1/2 . This permits annual direct transfers to a qualified charity totaling up to $100,000 of tax-deferred IRA savings. QCD transfers avoid the disadvantages of taking an IRA distribution and in turn making a charitable gift. (Increased social security tax – AGI limitations on itemized deductions – increased Medicare premiums.)
Importantly, QCDs automatically satisfy required minimum distributions (RMDs) for those taxpayers over the age of 70-1/2—a real advantage for IRA owners who do not need RMDs to live on.
For more information on how a Qualified Charitable Distribution can benefit both you and the Boys & Girls Club of Camarillo, please download our PowerPoint presentation (click on link below).