Donation using your RMD

Jan 2, 2022 | Blog, Helpful hints, News

BIG NEWS!  One of our very special supporters called to share some news with us.  If you are 70 1/2 and are now taking the Required Minimum Distribution, (RMD), here is some special information:

She said she hopes other people know that they can have their RMD sent directly to a charity of their choice and not pay any taxes and the charity gets all the money!!!

Can you give money to charity using your IRA? For individuals 70 1/2 or older – the answer is usually yes. What many retirees don’t know is they can donate all, or a portion of, their required minimum distribution (RMD) directly to charity. It’s called a qualified charitable distribution or QCD. You can also make charitable distributions directly from an IRA before RMDs begin. With a qualified charitable distribution, a check is sent directly from an IRA to charity. This allows the donor to exclude the amount from taxable income.   Consult your tax advisor for additional information. 

The address to send your donation to House with a Heart is 6409 Stream Valley Way, Gaithersburg,  MD 20882

As always, we thank you for your support and generosity!