IRA Required Minimum Distribution
If you are 70½ years old or older, you can support United Way’s work and receive tax benefits in return. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short. It’s a simple but highly effective way to minimize the tax bite associated with IRA Required Minimum Distributions (RMDs).
You can give from your IRA* directly to United Way of Central and Northeastern Connecticut without having to pay income taxes on the money.
It’s a win for the community and for you.
*Maximum allowable contribution from an IRA RMD is $100,000; please consult your financial/tax advisor to determine your required minimum distribution.
Why consider this gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making through United Way.
- A direct transfer from your IRA to United Way of Central and Northeastern Connecticut (up to $100,000) counts toward your RMD, and no tax is due!
- The transfer generates neither taxable income, nor a tax deduction, so you benefit even if you do not itemize your deductions.
- If are 70 ½ or older and have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.