Have gray hair and wisdom? You may be able to make a tax-reducing gift with an IRA distribution . . .
Have gray hair and wisdom? You may be able to make a tax-reducing gift to the Bellevue Rotary Foundation with an IRA distribution . . .
Did you know that if you are 70 ½* years old or older you can meet your annual minimum IRA distribution by making a gift to the Bellevue Rotary Foundation?
These distributions are called Qualified Charitable Distributions (QCDs). By making a QCD you can achieve your annual required minimum distribution without creating taxable income and benefit the Bellevue Rotary Foundation at the same time.
QCDs provide you with tax benefits even if you are not itemizing as you avoid paying federal income taxes on the IRA distribution. Also, since the QCD does not count as income it may reduce your annual income level. This may also help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax. Please keep in mind that if you do itemize you are not able to also take a charitable deduction on the distribution.