At 73, individuals are generally required to withdraw a set amount (called a Required Minimum Distribution, or RMD) from their retirement account holdings each year. If the RMD is not met, the amount not withdrawn could be taxed at rates up to 25%. If you find yourself needing to make a distribution, you may be able to take advantage of the unique benefits of a QCD. Making a QCD from a retirement account, such as an Individual Retirement Account (IRA), can satisfy your requirement. It’s possible you could: *
- Avoid the penalty for not meeting the minimum withdrawal amount
- Reduce your Adjusted Gross Income, therefore reducing your tax burden and potentially moving you to a lower tax bracket and preventing phaseouts of other tax deductions
- Make a lasting impact on your favorite organization!
It’s important to note that even though RMDs are not required until age 73, individuals as young as 70 ½ can enjoy the benefits of giving through QCDs. How can I help Tri-Cities Chaplaincy with my QCD? By making a QCD, you will be helping people in this community, like our hospice and bereavement families. Your investment in Chaplaincy guarantees expert guidance and care at and through the end of life in this community, now and into the future. Allowing our loved ones to live their best life at every stage of life. Please consider making a gift today by contacting Tara Divers at 509-783-7416 or TaraD@TCCBestLife.org. If you aren’t sure if a QCD is right for you, you can contact your financial advisor or tax professional to learn more. Thank you again for your support of Tri-Cities Chaplaincy. With your help, we can empower our community to live their best lives!
P.S. Giving a QCD can be an extremely impactful way to alleviate tax burdens and create a positive change in Benton and Franklin counties. Please consider making a gift today to change lives tomorrow!
*This is not tax advice. You should consult with your tax professional or financial advisor to find out if your unique situation qualifies and would benefit from these options.