Max Weber is a proud supporter of The River who wants to inspire other donors to make IRA donations to charity.
“Over the past year, my wife Maureen and I have been making contributions to The River through our IRA,” said Max. “This allows us to not only support our community, but to save on taxes!”
If you are age 72 or older, the IRS allows you to make a Qualified Charitable Distribution (QCD) from your IRA, SEP IRA or Simple IRA. A QCD is a transfer of funds directly to a qualified charity, such as The River Food Pantry. If you take a Required Minimum Distribution (RMD) from your IRA(s), amounts contributed can be counted toward satisfying this distribution. You can make additional QCDs from your IRA once you have satisfied your RMD or if you are not required to make a RMD. In each case, they are non-taxable events.
QCDs may be appealing if you do not itemize deductions on your tax return. QCDs are easily used and are available from most financial institutions that are custodians for IRA accounts. The transfer process is easy and quick. You indicate the charity and the amount and the financial institution writes the check and sends it either directly to the charity or to you for personal giving. Paperwork required is minimal. You keep a list of the charities and amounts given to be used in filing next year’s taxes.
“For many of us, it is as simple as that,” said Max. “For others, it may be useful to consult with your tax or financial advisor for clarification.” You can also contact The River’s Director of Development, Julie Wiedmeyer, at email@example.com or 608-442-8815 ext. 5.