The Qualified Charitable Distribution (QCD) is an excellent way to show your support for Vianney and receive tax benefits in return. As you plan your required minimum distributions (RMD), consider using your IRA to donate. You receive a tax benefit even if you take the standard deduction!
To qualify:
- You must be 70½ or older at the time of gift. Note: while the SECURE Act changed the age for required minimum distributions to 72, donors may still make a QCD at age 70½.
- Distributions must be made directly from a traditional IRA account by your IRA administrator to Vianney
- Gifts must be outright, meaning they go directly to Vianney. Distributions to donor-advised funds or life-income arrangements do not qualify.
Benefits:
- The QCD portion of your distribution is excluded from gross income on your IRS Form 1040.
- Potential avoidance of a higher income tax bracket
- Supporting the Men of Character and Accomplishment at Vianney!
Turning 72 in 2022?
You have until April 1 of the year following the year you turn 72 to take your first RMD. For each year thereafter, the RMD must be made annually by December 31. If you delay your first RMD until the following year (and prior to April 1), you will need to take two RMDs in that year.
For example, you turn 72 in June of 2022. You may delay your first RMD to March 31, 2023, however, you will need to take a second RMD by December 31, 2023.
For more information, contact Jennie Picha, Director of Advancement, by e-mail or at (314) 965-4853 ext. 144.
