Most people look to cash to make a charitable gift. But the truth is, your IRA can be every bit as powerful as a cash gift.
If you are 70 ½ or older, you can elect to transfer up to $100,000 a year out of your IRA to the Foundation. The transfer must be made directly to the Foundation from your IRA custodian. The amount transferred counts toward your required minimum distribution (RMD).
To make the transfer, contact your IRA custodian and tell them you would like to make a “Qualified Charitable Distribution (QCD)” to:
California Ricelands Waterbird Foundation
1231 I Street, Suite 205
Sacramento, CA 95814
Tax ID Number: 47-2409361
This type of gift is right for:
- Those over age 70 ½ who don’t use their IRA for their income needs.
- Those who don’t itemize their taxes and would not otherwise obtain a tax benefit for making a charitable gift.
- Those who want to make charitable gifts in excess of their adjusted gross income limitations.
What are the benefits?
- The amount transferred is not reportable income, so you pay less taxes.
- An efficient, tax-wise way of supporting your favorite causes.
- Have questions? Need assistance? Contact Kim DeVincenzi via email or call us at (916) 387-2264.