Support AARCH with IRA Distributions

Posted on: December 15th, 2021 No Comments

AARCH’s statewide colleague organization, the Preservation League of New York State, provided some helpful information about IRA Required Minimum Distributions and how they can be used to support your favorite nonprofit (like AARCH!).

Lee Miller, Preservation League Trustee and Regional Office Director, New York of the Glenmede Trust Company, N.A., explained that when IRA owners turn 72 they are required to take a minimum annual IRA distribution, regardless of need. IRA owners are taxed on this income, except in the case of a Qualified Charitable Distribution.

In order to make a Qualified Charitable Distribution, Lee outlined the following steps:

  • Direct a transfer from your IRA account directly to Adirondack Architectural Heritage (or other eligible charity). AARCH has provided a sample letter
  • Exclude the amount of your distribution from your income for federal tax purposes.
  • Count it toward your Required Minimum Distribution for the year.
  • Make an immediate impact!
Additionally time-sensitive, in 2021 cash gifts made to qualified charities (like AARCH!) can be used to offset up to 100% of your adjusted gross income. In 2022, the deductibility of cash gifts will be limited to only 60% of your adjusted gross income. You can save more in taxes and support AARCH if you contribute before December 31, 2021.

All contributions must be dated and postmarked by the U.S. Postal Service on or before December 31, 2021 to qualify for a tax deduction this year. If you use a credit card, the gift is considered to be made on the date of the charge, regardless of when you pay your credit card bill. If you have any questions, please contact Erin Tobin at AARCH.AARCH cannot offer legal, financial, or tax advice. For individual advice, please consult with your attorney, accountant, and/or tax advisor.

Photo of Plattsburgh’s First National Bank courtesy of Clinton County Historical Association.
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