Using IRA distributions to benefit parks
Message from Parks Foundation Chair Carol Eber
I want to share a tax tip I received from my financial adviser earlier this year. Because I am now at the age where I must begin
withdrawing money from my IRA (70.5 yrs), we met to discuss my Required Minimum Distribution.
Fortunately, current law allows me to make a Qualified Charitable contribution (QCD) directly from my IRA, thereby reducing the taxable income from my IRA withdrawal. The QCD is a marvelous vehicle that enables me to support the community charities that I value so much. Even if you have some years before reaching age 70, you can also make this QCD withdrawal.
How it works
My financial advisor put me in touch with my IRA provider, who assisted me in making a gift directly from my IRA to the Parks Foundation.
I received a letter from both the IRA provider and the Parks Foundation, confirming receipt of this fully tax-deductible gift.
It is a joy to support the parks where I hike with my granddaughter, watching deer and lizards and counting turkey vultures. As a retired educator, I value the many education programs Regional Parks offers. My great, great grandfather settled here in the 1840's, and I think of my gift as honoring that legacy.
Please consider this great opportunity to support our Regional Parks. Talk to your financial advisor or contact your IRA provider to learn more. It is a win-win for you and for our wonderful parks.
Chair, Board of Directors
Sonoma County Regional Parks Foundation