Make a gift tax-free with an IRA
If you are 70½ years old or older, you can take advantage of a simple way to benefit the United Way of Mid Coast Maine and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Why consider this gift?
- Your gift will have an immediate impact, allowing you to see the difference your donation is making.
- 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.
Please contact Samantha Ricker, Director of Marketing & Resource Development, to answer any of your questions.