Donate With Your IRA

Donors who are 70 1/2 or older can set up a donation through their existing IRAs, 401(k)s and 403(b)s.

According to "Fidelity Charitable" you have different options: Donating during your lifetime:  People who are age 70 ½ or older can contribute up to $100,000 from their IRA directly to a charity and avoid paying income taxes on the distribution. This is known as a qualified charitable distribution. It is limited to IRAs, and there are other exclusions and considerations as well.

As part of an estate plan: By contrast, there can be significant tax advantages to donating retirement assets to charity as part of an estate plan. When done properly, charitable donations of retirement assets can minimize the amount of income taxes imposed on both your individual heirs and your estate.

When you name a charity as a beneficiary to receive your IRA or other retirement assets upon your death, rather than donating retirement assets during your lifetime, the benefits multiply.

Check with your broker and/or attorney to see how to set up this kind of donation.

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Mary K. Hanson