Giving from your IRA is a smart way to achieve your charitable goals and receive income tax benefits.
To make a gift to CR from your IRA, follow these steps:
Current tax law allows you to donate to your favorite charities, such as Consumer Reports, directly from your individual retirement account starting at age 70 ½. It’s called a qualified charitable distribution or QCD. These donations can be made from the following IRAs: Traditional, Rollover, Inherited, SEP (inactive only), and SIMPLE (inactive only). You cannot make a QCD from a 401(k), 403(b) or Keogh plan during your lifetime.
QCDs reduce your income that is taxed when you have to take required minimum distributions starting at age 72. You can make distributions up to $100,000 each year, and the amount will be excluded from gross income. One important note: under the new SECURE Act, you can make a QCD at age 70 ½ even though you do not have to take a RMD until age 72. In fact, if you think you will face significant taxes when your RMD begins at age 72, making QCDs beginning at 70 ½ can reduce the overall amount in your IRA.
Consumer Reports Tax ID number is 13-1776434. Per IRS regulations, you cannot receive goods or services (i.e. CR magazine or online access) in exchange for a gift made from your DAF.
If you are interested in giving through your IRA, please contact Talib Nichiren.
Talib Nichiren, Associate Director, Planned Giving