If you have an IRA, when you turn 70.5 years old, you are obligated to begin taking annual disbursements from the IRA. These disbursements will be considered taxable income.
However, there is a way to use your disbursement for your charitable giving.
The "Qualified Charitable Distribution" allows anyone who is 70.5 years old and older to use their required distribution to make a contribution directly from their IRA account to Crossroads Fund or any non-profit organization. By doing this, you turn your distribution into a charitable gift rather than personal income that will be taxed.
There are many financial advantages to give in this way that your financial adviser can best explain.
Learn more about Qualified Charitable Distributions here.
It's easy to do this. Just complete the following steps:
- Contact your financial adviser today and request that a "Qualified Charitable Distribution" be made directly to Crossroads Fund.
- Make sure that your gift is identified with your name, address, and your intention to use it as a "2018 IRA Qualified Charitable Distribution."
- Make your contribution to: Crossroads Fund, 3411 W. Diversey Ave #20, Chicago, IL 60609 EIN: 36-3092907