6 Benefits of Giving Through Your IRA

Financial planning may not be your exact idea of a good time. You’d likely rather be out on the trail hiking or paddling down the river, taking in the fresh air far from your ever-growing to-do list. Well, it turns out that savvy financial planning could lead to more open space for you to explore.

Promote local conservation by directing all or part of your retirement account’s “required minimum distribution” (RMD) to Inland Northwest Land Conservancy.

Benefits include…

1. Tax Savings: A donation made directly from your IRA to charity is excluded from your taxable income, which can reduce your overall tax liability.

2. Fulfillment of RMD Requirements: The IRS requires these distributions for IRA holders 73 years and older.

3. Support Local Conservation: Leave a legacy by protecting lands and waters across the Inland Northwest.

4. Simplicity: Avoid the complexity of taking the distribution, paying taxes on it, and then making a separate charitable donation.

5. Increased Impact: Charitable donations from an IRA can often have a more significant impact as they come directly from your pre-tax dollars rather than after-tax income.

6. Alignment with Financial Goals: Incorporating charitable giving into your financial strategy can align with both your philanthropic goals and retirement planning, helping you achieve a balanced approach to managing your finances.

Donation instructions

*Required Minimum Distribution (RMD) = minimum amount of money the IRS requires IRA owners who are 73 and over to withdraw from their retirement accounts each year.

It’s always a good idea to consult with a financial advisor or tax professional to ensure that this strategy aligns with your overall financial plan and to understand all potential implications.