How do you support STS’s Annual High Holy Day Appeal and save money at the same time? By making a Qualified Charitable Distribution now.
The IRS permits taxpayers 70½ years or older to make distributions directly from your IRA to qualified charitable organizations like Shomrei Torah without including the distributions as part of your taxable income, and consequently, without paying taxes on them.
Once you reach the age of 72, the IRS requires taxpayers to make a mandatory withdrawal from tax-deferred retirement accounts (Required Minimum Distribution - RMD), and these distributions are generally included in the taxpayers’ taxable income.
To eliminate or reduce the impact of RMD income, you may consider making a qualified charitable distribution (QCD). Amounts distributed as a QCD can also be counted toward satisfying your RMD for the year, up to $100,000 per taxpayer (eligible taxpayers and spouses may donate up to $200,000). The amount of the QCD reduces your taxable income, unlike a regular withdrawal from an IRA.
If you are over 72, own an eligible IRA, and want to donate to STS, combining a QCD with an RMD may be beneficial for you, while also helping our synagogue.
For more information, and to make your gift, please contact Sheila Goldman, Executive Director, at 818-854-7621, and/or consult your tax advisor regarding your specific tax situation to determine if this makes sense for you.
Shana Tovah,
Development Vice President
