Qualified Charitable Contribution |
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Do you have an individual/traditional IRA?
Are you 70.5 years old or older?
Than you can gift to a charity and not get taxed on that amount and still have it count towards your adjusted gross income!
Ask your financial advisor about gifting as a QCD to the Foundation for Life as a qualified non-profit and reduce your income taxes. See example below:
John, age 72, is a single, retired school teacher. He would like to contribute his $10,000 RMD to charity to fulfill a charitable pledge he made earlier in the year. A comparison of the tax consequences in the table below shows how the difference was $2,043 in federal income tax liability by making a QCD rather than taking the distribution and then making a contribution.
Are you 70.5 years old or older?
Than you can gift to a charity and not get taxed on that amount and still have it count towards your adjusted gross income!
Ask your financial advisor about gifting as a QCD to the Foundation for Life as a qualified non-profit and reduce your income taxes. See example below:
John, age 72, is a single, retired school teacher. He would like to contribute his $10,000 RMD to charity to fulfill a charitable pledge he made earlier in the year. A comparison of the tax consequences in the table below shows how the difference was $2,043 in federal income tax liability by making a QCD rather than taking the distribution and then making a contribution.
