Donating Your IRA Required Minimum Distribution
If you are over 70 1/2 years of age and have an IRA retirement account, you are required to take a minimum annual distribution. There are benefits to transferring this Required Minimum Distribution (RMD) as a gift to a charity, and it’s an easy way to make a meaningful impact for a cause that you care about.
Benefits to Giving from your IRA
Trying to keep your income lower to avoid a higher tax bracket?
A required minimum distribution sent directly to a charity will no impact your taxable income. It becomes a tax-free distribution.
If you have a required minimum distribution, you can count any amount given to a charity toward that distribution requirement when you are over age 70 1/2.
How to Qualify
- The transfer must go directly to from your IRA account to REINS to avoid taxes being paid on the distribution.
- Your gift is a donation, not resulting in anything of value in return.
- Your total IRA gift(s) cannot exceed the amount to $100,000 per year.
- A Required Minimum Distribution begins when you are 70 1/2 or older. You must meet the age requirement at the time of your gift.