Planning your end of year charitable giving? Support quality, disability-focused journalism by making a gift to Access Press from your IRA without paying tax on the distribution. Here’s how:
The IRA Qualified Charitable Distribution (QCD) allow individuals ages 70 1/2 or older to make an outright gift of as much as $100,000 annually to Access Press from a traditional IRA. The withdrawal amount may count toward the annual required minimum distribution (RMD). Although the RMD is not required until age 72, the QCD can be beneficial for donors who do not itemize and instead file the standard deduction.
A QCD is an otherwise taxable distribution from an IRA owned by an individual who is 70 1/2 or older that is paid directly from the IRA to a qualified charity.0
Access Press is a qualified charity. The transfer must be directly from the IRA to Access Press.
You do not receive a tax deduction for a QCD from a regular IRA. However, the transfer amount is not recognized as taxable income. It is a tax free transfer.
The withdrawal may not exceed $100,000 per individual annually. A married couple with individual IRAs may each transfer as much as $100,000 annually.
How to initiate a Qualified Charitable Distribution (QDC):
1. Contact your IRA administrator to initiate the IRA Qualified Charitable Distribution.
2. Alert Access Press to expect the IRA Qualified Charitable Distribution.
For more information, contact Access Press Executive Director Holly Anderson at 651-644-2133 or [email protected]