Direct Charitable IRA Distribution

The Charitable IRA rollover provision has become a great way to maximize your giving after the new tax laws came into effect.

Smart, tax-efficient giving for anytime of the year!

The Charitable IRA provision, allowing individuals with IRAs to make direct charitable transfers totaling up to $100,000 per year has become much more popular in the last several years as a result of recent tax law changes. We’ve seen quite a number of members begin giving to First Pres in this way. The doubling of the standard deduction under the provisions of the new tax law effective in 2018 will preclude many from itemizing their deductions, including charitable gifts. 

Donors that have reached 70 ½ years of age qualify for this tax-efficient way to make a charitable gift especially if you now do not itemize deductions.

Please contact Tom Levesque, Director of Finance at 321.344.1587, if you have any questions on how to make a charitable gift from your IRA account. The IRS and financial advisors refer to this type of charitable gift as a “Qualified Charitable Distribution” (QCD).