Your IRA Rollover and Qualified Charitable Distributions
September 8, 2023
September 8, 2023
What do Billy Joel, Lionel Richie, Meryl Streep, and Gene Simmons all have in common? This is the first year that they are required to begin withdrawing money from their Investment Retirement Accounts! If you too are facing mandatory withdrawals from your investment accounts, why not consider tapping into the tax benefits of a Qualified Charitable Distribution, or QCD?
Required minimum distribution kicks in at age 72 (or 73 if you reached age 72 after December 31, 2022). While this withdrawal is taxable at your income tax rate, you could avoid those taxes by utilizing a Qualified Charitable Distribution. QCDs allow individuals who are 70 ½ years of age or older to donate up to $100,000 total to charities directly from a taxable IRA instead of taking their required minimum distributions. This benefits you (or Lionel, or Meryl) by reducing your taxable income. And you can do that while supporting charitable causes you believe in. Like land conservation, right here at home in the Inland Northwest!
You’ve worked hard to build the nest egg that you have. There are lots of charities out there doing good work for the future of our community. But not very many of them can show results that last, well, forever. Here at Inland Northwest Land Conservancy, our work is rooted in perpetuity. We only put legal agreements on lands and waters that are designed to last forever—after landowners have moved on, elected officials have retired, and our current staff has cleared the way for new generations of passionate and dedicated conservationists.
Talk about a win-win-win! If you’re on tap for an RMD this year, consider turning some or all of it into a QCD for the permanent protection of local lands and waters in Eastern Washington and North Idaho. It will translate into clean water and air, and safe homes for owls, trout, elk, and bears. It means a healthy and beautiful home for our community long into the future.
If you have questions about your investment accounts, talk with your financial planner or attorney today. If you’d like to hear more about our work, please reach out to set up some time to chat. We’d love to meet with you and hear about your vision for the future of conservation in our community.