Episcopal Diocese of Virginia
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Tax Free Donations from an IRA

9/16/2018

Tax Savings on Giving for those who are 70 ½ withdrawing from traditional IRAs.

One of the changes in the tax code beginning in 2018 is the doubling of the standard deduction, which will result in many more using the standard deduction, thus not being able to itemize their charitable donations. However, if you work with your IRA’s financial institution you can have them send a check, for any amount, directly to a charitable organization, such as St. John’s. That income is exempt from Federal income tax and the contribution can count as part of your annual required minimum distribution if you are over 70. If you have questions either contact St. John’s Treasurer or your financial institution or advisor. Below is a link to an article from Kiplinger a magazine for managing your money.

https://www.kiplinger.com/article/retirement/T032-C001-S001-making-tax-free-charitable-donations-from-an-ira.html


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