Make a difference while reducing your tax burden! You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Portland Revels without having to pay income taxes on the money.
Reasons to consider this gift option:
– Beginning in the year you turn 72, 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 do not itemize your deductions.
– Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Please note: We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, please be aware that your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.