What is a Qualified Charitable Distribution? And Why Should You Consider Making One To IDEA?

If you are over 70 1/2 and have an IRA, you are required to annually withdraw money from your IRA.  The required minimum distribution (RMD) is included in adjustable gross income (AGI) except for the part that is given as a QualifiedCharitable Distribution (QCD) by check from the custodian of your account directly to a charity, such as the Illinois District Endowment Assurance fund (IDEA).  By reducing AGI a senior also reduces the amount of tax on social security benefits and possibly also reduces the amount of Medicare premium.  Directing a gift to IDEA as a QCD provides a better tax benefit than it would as an itemized deduction and is more important beginning in 2018 because of the new tax law.  More seniors will now be taking the higher standard deduction and therefore cannot benefit from an itemized deduction.  Please consider making your gift to IDEA via a QCD.  If you have questions beyond this discussion please reach out to the IDEA Trustees:

Earl Holtz:   earlholtz@comcast.net

Bob Cearnal: rlcearnal@gmail.com

Earl Meseth:   earlm@elmhurst.edu

Bob Squires:   clefhangeron@gmail.com

Rich Hansen:   rjhansen74@gmail.com

 

 

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