Did you know that making a gift from your IRA may reduce your taxable income while also supporting the wetlands you love?
If you are 70½ or older, you are eligible to make charitable gifts of up to $100,000 (indexed for inflation) per year directly from your IRA. And, if you are at least 73—the current age at which you are subject to required minimum distributions (RMD)—these qualified charitable distributions count toward your RMD for the year. This option may help you meet your philanthropic goals while also realizing tax benefits.
If you don’t need the income from your IRA, a qualified charitable distribution (QCD) offers many benefits:
- It will count toward your required minimum distribution for the year.
- QCDs do not count as taxable income, which allows you to avoid paying income taxes on the money transferred.
- QCDs are not subject to the deduction limit on charitable gifts of 50% of your adjusted gross income.
- Best of all, your gift supports the wetlands you love.
Making a QCD from your IRA is easy. Contact your IRA plan administrator to initiate the gift. The funds will be transferred directly from your IRA to WWA. You will need to provide the plan administrator with WWA’s name, address, and Federal Tax ID# (39-1852601).
After you initiate the transfer, please contact us at 608-250-9971 x3 so that we can be sure to acknowledge your gift according to your wishes. Wisconsin’s wetlands thank you!
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