IRA, The Easy Way To Give
*PLEASE NOTE* As part of The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, there is no minimum required distribution for the year of 2020. Visit the irs.gov or consult your financial or tax advisor to learn more.
If you are at least age 70 ½ and have an IRA you have a minimum required distribution. The Qualified Charitable Distribution provision permits taxpayers who are at least age 70 ½ to make tax-free distributions directly from an IRA to a qualified charity. The donation is limited to $100,000 per person and it may be used to partially or fully satisfy the taxpayer’s required minimum distribution for the current tax year.
You can exclude from your gross income up to $100,000 per year of otherwise taxable IRA distributions, if the money is paid from your IRA directly to a qualifying charitable organization.
HFLA of Northeast Ohio qualifies as a charitable organization and we assure you your donation will be put to good use.
For more information, contact your financial advisor, tax advisor, or Hillary Butler, Development Coordinator at HFLA of Northeast Ohio at 216-378-9042 or hillary@interestfree.org.
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