The Required Minimum Distribution (RMD) is the smallest amount an individual over 70 1/2 must distribute from their IRA each year. The penalty for missing a RMD is 50% of the amount that was supposed to have been distributed!
The IRS provides additional useful information on RMDs here.
For more information regarding how a gift from your IRA can positively impact the lives of the homeless, poor, and needy in the Greater Kansas City area, contact Becky Poitras at 816.285.3149.
Those with a qualified IRA can satisfy their RMD requirement by contacting their financial or investment advisor and making a Qualified Charitable Distribution from their account to Metro Lutheran Ministry. It’s a gift that’s tax-free, even if you don’t itemize deductions on your tax return.
Make a gift to MLM from your IRA!
Typically when individuals take distributions from their Individual Retirement Accounts (IRAs), it counts as income for tax purposes. An IRA charitable rollover, also called a Qualified Charitable Distribution (QCD), is an exception. Individuals age 70 1/2 and older may distribute up to $100,000 each year from their IRAs to their favorite 501(c)(3) without counting the distribution as income.
Additional useful information on Qualified Charitable Distributions from the IRS may be found here.
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