Support the Tuolumne River Trust while saving on your taxes.
FOR THOSE 70½ YEARS OLD AND OLDER
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as the Tuolumne River Trust without having to pay income taxes on the money. This popular gift option is commonly called the Qualified Charitable Distribution (QCD). This also qualifies for your Required Minimum Distribution (RMD) if you are 72 or older (70 ½ if you turn 70 ½ in 2019). You will pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Since the gift doesn’t count as income, it can reduce your annual income level. This may also help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
“2017 federal tax laws eliminated major donation deductions for most folks. But one finance tool, the QCD (qualified charitable distribution), remains a tax double rainbow by helping both the 501 (c) 3 charity, such as the Tuolumne River Trust, and the donor.
If you are 70 ½ or older and subject to annual IRA RMDs (Required Minimum Distributions) which are taxable as ordinary income, then a QCD warrants your attention. Rather than directing all your taxable RMD to yourself, you can direct all or a portion to a charity like the Tuolumne Trust. Your key benefit is a reduction in taxable income equal to your donation.
Please consider a QCD as a significant way to help the Tuolumne Trust and your own personal tax position. Of course, check with a tax professional about your specific situation.”
