Making Charitable IRA Gifts Can Save You Taxes

Bethesda Health | October 26, 2020

Making a tax-free donation from an IRA is gaining in popularity among seniors, particularly those who do not need their required minimum distribution (RMD). If you are a taxpayer that must take required minimum distributions because you are age 70 ½ and older, you may want to consider making a tax-free contribution (up to $100,000 per calendar year) directly from your IRA to qualified charities like Bethesda.

By gifting IRA funds directly to Bethesda, you do not report the IRA distribution as income. This tax savings is especially beneficial if you do not itemize your deductions. As with other charitable gifts, you may designate which Bethesda community or service you want to receive the donation.

Helpful Tips for Donating Your IRA Gift

For more information contact the Bethesda Health Group Foundation.

This information is not intended as legal or tax advise. Consult your tax advisor or attorney pertaining to your tax situation.

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