Required minimum distributions (RMDs) which is an IRS rule that says you need to start taking distributions from certain retirement accounts that you own. It is the minimum amount that a retirement plan account owner must withdraw from his/her IRA account each year when you reach the age of 70 ½.
Gifts from Individual Retirement Accounts (IRAs) have been particularly attractive in recent years. Let's say you withdrew $5000. You can transfer this amount to an eligible charity like USTNAI. This is known as QCD or Qualified Charitable Distribution. These funds have to come from your IRA and be paid directly to a qualified charity. This special distribution can satisfy your RMD amount and be excluded from your taxable income. This strategy is very beneficial for people who do not itemize.
If you do not take withdrawals, or you take less than you should, you'll face a potentially disastrous 50% federal penalty tax on what you should have withdrawn.
Our organization is looking for donors especially for those celebrating their 50th anniversary and are ready to make a charitable gift. USTNAI will work with donors to determine an effective and appropriate plan to match their specific charitable desires.
If you wish to donate, you can reach us at firstname.lastname@example.org or call us at 1-805-881-8880.
We sincerely hope that you will continue to support our organization and its endeavors.
Photo Credit: Gloria Palisoc (BSN Class of 1968) handing a donation of $5000 through RMD to UST CON Regent Fr. Julius Factora, O.P. & Dean Susan Maravilla with Jane Macagba & Jean Uy from USTNAI during the 2018 Annual Convention in San Diego, CA.
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