Is an IRA charitable distribution right for me?
If you are 70½ or older, making a qualified charitable contribution (QCD) from your IRA to Helping Up Mission can be a meaningful way to make an even bigger mark on ministry to homeless and hurting people.
And if you are age 72 or older, the government mandates you to take required minimum distributions (RMDs) from your IRA — leading to taxable income for many. A QCD can count toward your RMD requirement while also benefiting an organization like Helping Up Mission. However, in order to count toward your RMD, your IRA charitable contribution must be made before your RMD limit is met.
Here’s how it works:
- You transfer your gift — up to $100,000 annually — from your IRA directly to Helping Up Mission and/or other charities.
- Because IRA charitable distributions don’t increase taxable income, higher tax rates can be avoided.
- An IRA charitable distribution can potentially enable you to give a bigger gift than if you donated cash or other assets, maximizing generosity and impact.