New benefit for people 70.5 or older
By making a donation to NYF directly from your IRA, you can reduce your taxable income while maximizing your support for the children of Nepal.
The Tax Cuts and Job Act went into effect on January 1, 2018, increasing the amount of standardized deductions for taxpayers. If you are among the predicted 90% of individual taxpayers who will no longer itemize your deductions, one important option not affected by the new law remains – Qualified Charitable Distributions (QCDs).
Those 70.5 or older can make a direct transfer of IRA balances up to $100,000 per year to a charity. Doing this satisfies some or all of your Required Minimum Distribution (RMD) from tax-deferred retirement accounts, and maximizes your donation because the amount is not reduced by taxes. Among the important requirements: 1) The donation must come directly from your tax-deferred (sheltered) account to the charity (not from you), and 2) You cannot also deduct your charitable donation if you are itemizing deductions.
Please speak with your financial advisor to see if this option is a good fit for you!
For More Information
To discuss how you can support impoverished children in Nepal, please call NYF at (415) 331-8585 or email eric@NepalYouthFoundation.org. Although NYF does not offer professional legal advice, we are happy to work with your tax advisor to find the best solution for you. All information is provided confidentially and without any obligation.