Tax Deductible Donation from Your IRA for 2023-2024
Do You Qualify?
- Are you at least age 72?
- Do you own a rollover IRA and take a Required Minimum Distribution (RMD) each year?
- If so, your contribution can be “tax-deductible,” even if you do not itemize.
How Is That Deductible?
- IRA distributions that are payable directly to UCWC do not count as taxable income, even though they count towards your RMD.
- Thus, you get the “deduction”, even if you take the standard deduction rather than itemizing.
What Are the Benefits to UCWC?
- Since that income is not taxed, perhaps you might give a little more.
What Is the Procedure?
- Contact your IRA provider and request a “Qualified Charitable Distribution” check be made payable to “Unitarian Congregation of West Chester”. This can often be done online.
- This distribution will count toward your RMD but will not count as taxable income for you.
- Note that different IRA providers have different procedures. Some mail the check to you, and you must deliver it to UCWC. Some mail it directly to UCWC. (In that case, occasionally a bank check doesn’t indicate whom it’s from, so please email the Income Treasurer to alert her/him it’s from you.)