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IRA Distributions

IRA Distributions & Charitable Giving


Hull Foundation and Learning Center counts on our individual donors for sustaining our programs and services for adults with sight loss.  One way that you can help is by donating through your retirement funds.  The IRS requires that once you reach a specific age, you take an RMD or required minimum distribution from your tax deferred retirement savings account and any retirement accounts through your employer.  (Roth IRAs are an exception to this requirement).  The age that the requirement starts is 70 ½ for those born prior to July 1, 1949, and 72 for those born on or after that date. 

Generally, your retirement account holder, such as Vanguard or Fidelity, will provide you with the amount you are required to withdraw each year.  AARP also has a link that you can use to estimate what the amount will be.  In most cases, the amount you withdraw will count as taxable income.  If, however, you make a qualified charitable distribution (QCD) with your RMD, your withdrawn amount will not count as taxable income.

By having your retirement account holder send the funds directly to the charity of your choice, such as the Hull Foundation and Learning Center, the RMD becomes a QCD and is not counted as taxable income.  With a regular withdrawal from an IRA, the funds would be counted as taxable income even if you later offset that income with the charitable contribution deduction.  Funds must be transferred from your IRA to the qualified charity or sent to you but made payable to the charity that you will forward the check to.

Accounts that qualify include Traditional IRAS, Inherited IRAS, SEP IRAs and SIMPLE IRAs.  You can find more information on the IRS Website or the Website of your retirement account holder. 

Please check with your financial advisor, prior to donating to the Hull Foundation and Learning Center to verify all current IRS requirements and that your plan qualifies for the RMD or QCD.  Thank you for considering Hull Foundation and Learning Center in your distribution plans.

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