For those among us with a traditional IRA and a need to take a required minimum distribution, please read on. There may be an easy and tax savvy way to support programs you cherish such as the UFFC.
Through a qualified charitable distribution (QCD), you can transfer funds directly from your IRA to a qualified charity like the UUFC. The gift may count against your required minimum distribution, and you won’t pay income tax on the amount transferred. Be sure to check with your advisor to learn if you are eligible, and if a QCD is a good fit for your financial goals.
Now is the perfect time to start planning, as QCD gifts must be received by December 31 to count against your required minimum distribution for 2024.
- You must be at least 70 ½ to use the QCD, and you may transfer up to $100,000 annually, per account holder.
- You get to choose where your support goes: UUFC operations (funds can be applied to your current year pledge), building expansion fund, justice outreach fund, minister emergency fund, democracy action team or other.
- QCDs may be made from traditional IRAs only. Gifts from a 401(k), SEP IRA or other account types do not qualify.
- Simply ask your IRA provider to make a qualified charitable distribution to the UUFC with your name included. If you let us know your QCD is on the way, we will ensure it supports exactly what you wish.
Thanks for your consideration.
Your UUFC Financial Oversight Council
(Our thanks to Jennifer Milburn and the OSU Foundation from whom we have “borrowed” much of this message wording.)
