IRA Qualified Charitable Distributions

Qualified Charitable Distributions

Regardless of whether you are now required to make a minimum distribution, a qualified charitable distribution can be a great way to make tax-advantageous contributions.

If you are 70 ½ or older, you may directly transfer up to $100,000 annually from your individual retirement account (IRA) to the University of Maine Foundation as a qualified charitable distribution. The amount directly transferred will be excluded from your income for federal income tax purposes, although it will not also generate a charitable income tax deduction.  If you are required to take a minimum distribution, a qualified charitable distribution will count toward this minimum required distribution.

Through strategic use of the IRA qualified charitable distribution, you may be able to:

• Avoid a higher tax bracket that might otherwise result from taking a required minimum distribution into income
• Complete a pledge or create a fund
• Advance a bequest already planned for the University of Maine Foundation and receive a tax benefit
• Make a significant lifetime gift and enjoy the impact
• Support favorite charities with annual gifts

For more information: Important things to know about Qualified Charitable Distributions from IRAS

To learn more about qualified charitable distributions from an IRA, please contact the planned giving officers at the University of Maine Foundation.  We can be reached Monday – Friday from 8:00 AM to 5:00 PM at 207-581-5100 or 1-800-982.8503 or via email at umainefoundation@maine.edu.

NOTE:  if you would like to learn more about making the Foundation a beneficiary of any portion of your retirement funds, get information here.