Reminder About IRA Mandatory Distributions and Quaker Values

While Collington welcomes those of all faiths (and none), we do have a commitment to Quaker values and process.

So, as tax time approaches, it may be worth reminding that those who want or need to make distributions out of IRA’s that the Friends Committee on National Legislation (FCNL), as well as a myriad other organizations of every political hue, have tax exempt divisions that can provide favorable tax treatment to such distributions.

As a memo from FCNL puts it:

Good news! Congress has made permanent the IRA Charitable Rollover originally enacted in 2006. This means that if you are 70 1/2 years or older, you can make a gift to FCNL Education Fund directly from your IRA and it won’t count towards your taxable income for the year.

The provision permanently extends the ability of individuals at least 70 1/2 years of age to exclude from their gross income qualified charitable distributions from Individual Retirement Accounts (IRAs). The exclusion may not exceed $100,000 per taxpayer in any tax year.

Qualified charitable distributions must be transferred directly from your IRA custodian to the FCNL Education Fund by December 31 in order to be counted as qualified charitable distributions.

Now, of all times, it makes sense to ensure that information is shared and voices are heard on all sides.  That website provides more detailed “how to” information.