Why consider this gift?
1. Your gift will be put to use today, allowing you to enjoy the impact of your gift to YMCA of the Rockies.
2. When you reach the age you are required to take IRA distribution, age 73, you may use your gift to satisfy all or part of your required minimum distribution (RMD).
3. Beginning the year you turn 72, you may use your gift to satisfy all or part of your required minimum distribution (RMD).
4. The QCD generates no charitable income tax deduction, so you benefit even if, like many people, you do not itemize deductions when filing your federal income tax return.
5. Since the gift doesn’t count as income, it reduces your taxable income. This may lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
How can I take advantage of this opportunity?
1. Contact your IRA administrator for the necessary paperwork.
2. Note that the funds must be received by YMCA of the Rockies by December 31 in the year in which you wish to contribute in order to have this gift counted as part of your RMD.
3. If you have questions, please contact [email protected].
But there’s more: The omnibus appropriations bill, signed into law in December 2022, expanded QCDs to include transfers from an IRA for life income gifts, such as charitable gift annuities and charitable remainder trusts. There are limitations to this option, so it’s important to talk to your advisors to see if this makes sense for you.
We encourage you to contact your own financial or legal advisor prior to making a gift of this type or any planned gift. YMCA of the Rockies does not provide investment nor tax advice.