With the new SECURE Act in 2020, you are required to take Required Minimum Distributions (RMDs) from your retirement accounts every year once you turn 72. This can be vexing as a taxpayer, but thanks to The Protecting Americans from Tax Hikes Act, traditional Individual Retirement Account (IRA) owners can exclude their RMDs from their adjusted gross income by giving the money to a qualified charitable organization.
The Qualifying Charitable Distribution (QCD) or an IRA charitable rollover, gives you the ability to donate up to $100,000 per year (up to $200,000 if you’re married) directly from your IRA to charity without paying taxes.
There are a few things to keep in mind for you to be eligible. You must be at least 70½ or older to request a Qualifying Charitable Distribution (QCD). If you request a QCD prior to reaching age 70½, the distribution will be treated as taxable income. See more from the IRS.
If you are considering giving a gift to Goodwill of Central and Northern Arizona and are eligible, take this unique opportunity and make your tax deductible gift today!
If you want to make a qualifying transfer, contact your IRA administrator to transfer funds to Goodwill of Central and Northern Arizona (Federal Tax ID number is 86-0104415).
Contact us at 602-535-4139 if you have any questions for completing your gift.
Amazing things are always happening at Goodwill of Central and Northern Arizona! Whether you are looking for a daily special or want to participate in one of our job training events, we have something for you.
*Daily deals valid at select Metro Phoenix, Prescott and Yuma locations. Please check with your neighborhood Goodwill for details.
Discount valid on used merchandise only. Not valid on food or drink, new goods, seasonal or holiday items. Not valid at Goodwill Clearance Center. Our REDESIGN by Goodwill and Clearance Outlet are excluded. REDESIGN operates separate sales and discounts from other Goodwill stores.