Did you know that you can make a charitable donation through your Individual Retirement Account?
If you are 70 or over, you can contribute up to $100,000 without having to pay income taxes on the money. You can make a current or estate gift through your IRA. It’s called an IRA Charitable Rollover or a “Qualified Charitable Distribution (QCD).”
Here are some of the benefits of a QCD:
- You pay no income taxes on the gift.
- The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Ask your Financial Planner about the benefits of charitable donation through your Individual Retirement Account. Learn more about Qualified Charitable Distribution here.
Elizabeth Bracken-Thompson is a partner of Thompson & Bender. Founded in 1986, the agency is the region’s premier advertising and public relations firm. As a partner in the firm, Mrs. Bracken-Thompson is responsible for a wide variety of clients representing a broad spectrum of business sectors including Fortune 500 firms; banks and financial institutions; educational institutions; not-for-profits; hospitals and health care organizations; the travel and hospitality industry; food and beverage sector; senior residential living; commercial real estate developers; environmental and business organizations, among others.
Rocco J. Pucino III is the VP/Retail Banking Officer at Ulster Savings Bank’s Kingston headquarters. In Mr. Pucino’s new role, he will is responsible for overseeing and directing the Retail Banking area by providing guidance and support to the bank’s 15 branch locations.
