Dear Friend of Meals on Wheels,
As the current board president and volunteer for Meals on Wheels of Loveland and Berthoud, I want to share a contribution idea of which I became aware about a year ago while preparing for year-end contributions.
When I turned 70 ½ last year, I began taking the required minimum distribution (RMD) from my traditional IRA. I discovered that I could contribute directly from my IRA to charities of my choice. After contacting my financial advisor, I found out just how easy it is to do this. I am now using my RMD to support Meals on Wheels as well as my church and another nonprofit that’s near and dear to my heart.
Below is a paragraph that explains how it works:
Give to Charity from Your IRA
Uncle Sam offers an extra incentive to be charitable when it’s time to take required minimum distributions from your IRAs. If you’re 70 ½ or older, you can transfer up to $100,000 each year tax-free from your IRAs directly to one or more charities. You can make the transfer anytime during the year. And your donation benefits you as well as the charity: The money counts as your RMD but isn’t included in your adjusted gross income. Lower AGI may push you below the threshold for the Medicare high-income surcharge or help make less of your Social Security benefits subject to taxes. (Kiplinger’s Personal Finance. April 2017, p.36) To read more about this subject click here.
If you are interested in learning more for yourself or for someone you know, I encourage you to talk to your financial advisor to discover the benefits for both the donor and the charities and nonprofits, such as Meals on Wheels of Loveland and Berthoud.
Sincerely,
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Meals on Wheels of Loveland and Berthoud is a community-supported 501(C)(3) organization. Tax ID# 84-0583386.
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