Gifts from an IRA

If you’re age 70½ or older, own an Individual Retirement Account (IRA), and believe in UU Saratoga, you can use this smart giving tip. Here’s how to save taxes and benefit our congregation’s Capital Campaign.

With the 2018 tax law changes, you may not be able to itemize things like charitable donations. But you can overcome that limitation with a Qualified Charitable Distribution (QCD) from your Individual Retirement Account (IRA). It’s a great deal!

Rules of the Game:
• You, the IRA owner or beneficiary of an inherited IRA, must be at least 70½ years old—the mandatory time when you are required by law to take withdrawals.
• There’s a $100,000 annual limit on the total QCDs you can take. Or $200,000 per couple.
• IRA fund withdrawal must be made by your annual RMD deadline—usually December 31.
• Money must be transferred directly from your IRA custodian to UUC of Saratoga Springs. You can specify that the check be mailed directly to our congregation or forward the check to yourself, so you can personally bring it to church.
• This must be a distribution that would otherwise be taxable. So, you won’t use a Roth IRA, since those withdrawals aren’t usually taxable.

Below are two examples of how Qualified Charitable Distributions (QCDs) work:

Ask your financial professional or tax preparer about the best way to make your Capital Campaign contribution to UU Saratoga. To learn more, visit https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals or contact Capital Campaign team member, Kathleen Rehl at KathleenRehl@gmail.com.