At this time of the year many of us who are retired are required by the Internal Revenue Service to take a distribution from our retirement investment funds. This distribution called the RMD, Required Minimum Distribution, is then taxed and deposited in our cash accounts.
HOWEVER, this distribution also has the option of making charitable gifts directly from our investment funds without the gifts being taxed. In other words you can give any amount, say $100, to your favorite charity without having to pay taxes on that amount. For those of us who don’t do itemize deductions this presents a unique giving opportunity.
In my case I was able to get from my investment company, Charles Schwab, an “IRA Qualified Charitable Distribution Request Form”. Using the form, that is applicable to your investments, you pick those not-for-profit organizations that you want and fill in the giving instructions.
In my case, for the PACEs Connection,
Make a one-time donation.
Of: (any amount)
To: Third Sector New England Inc. Federal ID 042261109
For the Benefit of: Paces Connection
Mail check to: 89 South Street
Boston, MA 02111
Your forms may be different but the information required is mostly the same.
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