Receiving required minimum individual retirement account (IRA) distributions?
You may receive tax benefits by donating!
Did you know that you can give to College Possible with a portion of your retirement savings?
More donors than ever are taking advantage of IRA qualified charitable distribution gifts (IRA rollovers). That’s because this type of gift saves donors money on income taxes and is an easy way to have a meaningful and lasting impact.
If you are over 70 1/2 and have a traditional IRA, chances are you will be taking a required minimum distribution—which increases your taxable income for the year. When you make a qualified charitable distribution (QCD) directly from your IRA to College Possible (up to $100,000 per year, per person), this may count toward your required minimum distribution. This may be a tax-wise gift, even if you use the standard deduction because it can reduce your annual taxable income. Check with your tax advisor to see if this type of gift is right for you.
Thank you for considering an IRA charitable rollover gift to benefit College Possible students. Have questions or want to learn more? Please reach out to Christina Carl at 971-407-2975 or CCarl@CollegePossible.org.
