Giving to Thrivewell via Your IRA
70½ Years Old and Older? Give through your IRA
Did you know you can help cancer patients THRIVE while also benefiting you? How you might be wondering? If you are 70½ years old or older you can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as ThriveWell Cancer Foundation without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference in the lives of cancer patients. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.