A Tax-Wise Gift: The IRA Charitable Rollover
Did you make an IRA rollover (Qualified Charitable Distribution, or QCD) gift last year? Even though the required minimum distribution is waived for 2020, making a gift using your QCD is still a great way to make a tax-smart gift.
You may be one of the 90 percent of taxpayers who no longer itemize. The IRA QCD is all the more beneficial, as the amount of your gift is not included in your income and you avoid paying taxes on your gift. If you are over 70½, you can make a gift from your IRA QCD of up to $100,000 without increasing your income taxes.
You have important priorities for your family and loved ones, and we know their health and financial wellbeing comes above all else. When you’re ready, we will be here to help you shape a charitable gift plan that suits your needs and allows you to continue supporting our important work.
See if you qualify for a QCD or contact us for details about tax-saving gifts at (808) 791-8084 or development@navianhawaii.org.
This information is provided for educational purposes only. It is not offering professional tax, legal or accounting advice. As always, please talk with your advisor to discuss whether this gift option might work for you.