A gift from your IRA can satisfy your Required Minimum Distribution (RMD) without claiming it as income. If you are 70+ you can make a life-saving gift of up to $100,000, without paying federal or often state income tax on the withdrawal. The gift must be directly routed from your Individual Retirement Account (IRA) to Harmony Women’s Care.
A qualified charitable distribution enables you to benefit from charitable deductions without itemizing deductions. Since many no longer itemize, the qualified charitable distribution provides a way to receive tax advantages for charitable contributions.
How it works:
- You must be 70.5yrs or older at the time the gift is made.
- Request a direct transfer of funds from your IRA plan custodian to Harmony Women’s Care to qualify as a tax-free gift.
- Provide your plan custodian with the following routing information:
- Account Name: CareNet RI, dba Harmony Women’s Care
- Nonprofit Tax ID Number: 05-0439164
- Funds held in other plans such as a 401(k) or 403(b) plan are not eligible but may be rolled over to a standard IRA and then be used for a tax-free gift to charity.
- Plan custodians do not always identify the donor, so please notify Harmony when you donate
*This information is provided for general educational purposes only and may not reflect changes in federal or state laws. Before taking any action based on this information, we strongly encourage you to consult with a professional accounting advisor regarding your specific situation.