Start Planning for Year-End Charitable Giving
Some forms of charitable giving can take time to plan. If you are 72+ or will turn 72 in 2022, and have an IRA, you will need to take a Required Minimum Deduction (RMD) this year.
There have been changes to the RMD amount by the IRS, so check with your IRA manager for updated information. And you can turn that RMD or a portion of it, into a Qualified Charitable Distribution (QCD) to CFH. Planning ahead can make a difference to you and to the individuals we serve!
Also, if you are 70 ½ in 2022, you can make a QCD from an IRA, even though you don’t have to take an RMD.
In fact, there may be tax advantages for you due to changes in the deductions for 2022, by making a QCD. Again, always check with your IRA manager or tax advisor for current information that applies to your situation. The resources linked below may provide helpful information.
*The information above is not intended to be tax or financial advice; CFH does not endorse any author or company referenced in this article. Please consult a tax expert or your advisor to determine your eligibility regarding the information above. Please contact your IRA custodian to discuss your interest in making a QCD to CFH or another nonprofit.