This popular gift option is commonly called the IRA charitable rollover – you may also see it referred to as a qualified charitable distribution (QCD).
You can make an impact—and save on taxes by using your IRA to make a gift. If you’re 70½ or older, you can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity, such as the NCGMA, without paying income taxes on the money.
Alternatively, beginning the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD). You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you don’t itemize your deductions.
Since the gift doesn’t count as income, it can reduce your annual income level, which may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Use the tool below to make your IRA gift quickly and easily.