Folks who are 70 ½ years and older can make pre-tax donations directly to charity from IRA or other retirement plans. The gift can count toward an annual Required Minimum Distribution.
This direct transfer to charity is called a “Qualified Charitable Distribution” from a traditional or Roth IRA. This option can be especially attractive if you do not itemize your tax deductions or if you would like to reduce taxable income to avoid having Social Security and other income taxed at a higher rate. With strong performance of investment markets, it also may be advantageous to make gifts of appreciated stock to charity.
Check with your tax advisor, broker, or IRA administrator for more information about making a gift to KNOM in this way. (For further details, contact Development Director Lynette Schmidt: 907-868-1200 or business@knom.org.)
