Making an IRA Qualified Charitable Distribution

IRA owners age 70½ and older in recent years have had the ability to make charitable gifts of up to $100,000 directly from their IRAs. Income tax deductions are not available for IRA "qualified charitable distributions," but donors may save taxes anyway, as gifts take the place of required minimum distributions, which are generally 100% taxable.

If you normally itemize your income tax deductions, consider making a gift to Nexus directly from your IRA, at least up to the amount of your required minimum distribution. If the law is extended, the gift will be considered a qualified distribution, and you’ll avoid the tax you would otherwise owe on a withdrawal.

Contact your financial advisor or local Nexus Director of Development with questions about making gifts from your IRA or the status of the renewal. It's important that you coordinate IRA contributions with our office prior to making your gift; we will provide you and your IRA custodian with important information and ensure that you receive appropriate tax receipts.

Contact your local Director of Development for more information and to explore the options best aligned with your interests and values.