Did you know individuals aged 70 1/2 and older can contribute directly from a traditional IRA account to Firefly Autism without triggering federal income tax? These contributions, known as Qualified Charitable Distributions (QCDs) or Charitable IRA Rollovers, offer a unique opportunity to support Firefly's mission while benefiting from significant tax advantages.
Key Benefits of Qualified Charitable Distributions:
- Generous Giving: You can contribute up to $100,000 each calendar year. Tax-Free Contributions: You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, benefiting you even if you do not itemize your deductions.
- Minimum Distribution Requirements: If you have minimum distribution requirements, QCDs count toward that amount, reducing or eliminating the need to claim unneeded income on your tax return.
- Lower Medicare Premiums: Since the gift doesn’t count as income, it may lower your Medicare premiums and decrease the amount of Social Security that is subject to tax. This smart giving strategy allows you to make a profound impact on the lives of children and families at Firefly Autism during your lifetime, creating a lasting legacy of support.
For more details, please reach out to Director of Development, Craig Baldwin.