Contributing from your IRA to Farm Discovery is an easy way to reduce your tax burden and make a gift to support programs you care about.
Congress has extended the IRA charitable rollover and made it permanent. An IRA rollover gift is a way for you to establish or add to a fund today without impacting your checking or savings account balance.
In retirement the IRS requires you to withdraw a certain amount (a required minimum distribution, or RMD) from your IRA each year whether you need the funds or not, and you pay income tax on every distribution you take. You can utilize part of your RMD to direct a gift to benefit the programs of your choice through an IRA Qualified Charitable Distribution (QCD).
If you are 70 1/2 or older, you can make a gift from your IRA account to Farm Discovery. Gifts made from your IRA (up to $100,000 per year) are not reportable as taxable income and qualify toward your required minimum distribution, which can lower your income and taxes. If you are married, your spouse can also make a gift of up to $100,000 from his or her IRA, for a total of $200,000.
With an IRA Charitable Rollover you reduce your taxes, support or establish a fund to benefit one or more programs you care about, and feel good knowing that you were able to make a major gift from your IRA.
We are grateful to the Community Foundation of Monterey County for writing the original post this information was drawn from and providing this informative brochure: