Give from your Individual Retirement Account (IRA)
What are gifts from your IRA?
Donating from IRA accounts is a common, tax-smart estate planning strategy that pulls from retirement savings to give to charity.
- If you are under 70.5 years old, you can take a distribution from your retirement account, add the distribution to your income for that year, account for any taxes associated with the distribution, and then give the cash to charity.
- If you are at least 70.5 years old and have a traditional IRA, you can make a Qualified Charitable Distribution (QCD) of up to $100,000 directly to MANNA from your IRA without paying income taxes on the donation.
What are the benefits of IRA giving?
Giving directly from your IRA is a great way to support MANNA and enjoy significant tax savings.
The amount of the QCD is excluded from your Adjusted Gross Income (AGI), thus not subject to income tax; donors do not receive any income tax charitable deduction for the gift. If you are required to make a Required Minimum Distribution (RMD) this year, giving from your IRA is a convenient and compassionate option to fulfill your RMD.
How do I give from my IRA?
Do you have a question about IRA giving that wasn’t answered here? Email MANNA’s Individual Giving Manager Brandon Boyd at bboyd@mannapa.org.