Posted by Alexander Falk on Nov 26, 2021
As part of our ongoing efforts to keep you informed and educated on ways to support The Rotary Foundation, we are pleased to share information on a new initiative that is launching in Rotary District 7930. The 70+ initiative is a district-wide effort to encourage Rotarians to consider the benefits and opportunities of a charitable gift via their IRA.
Starting at age 70 1/2, the IRS allows individuals to make a tax-free distribution or qualified charitable distribution (QCD) from their IRA directly to a charity of their choice. And in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD), which is required annually when you reach this age.
This tool for giving can be a win-win as it may reduce taxable income. It can also fulfill an existing pledge or establish a new three-year-pledge, and it can even help you achieve your next Major Donor status, including the Arch Klumph Society. An individual retirement account can also be used as a tax-wise giving strategy if you’re considering including The Rotary Foundation in your estate plans.
Check out this flyer to learn more. We encourage you to first contact your tax and/or financial advisor to determine if this is the best strategy for you. If you want to move forward, please contact district 7930 major donor chair Alexander Falk or reference the flyer to contact Major Gifts Officer Amanda Lawson at Rotary Headquarters in Evanston.
We hope you find this information informative and useful. Our district is grateful for your ongoing support and continuing to keep The Rotary Foundation top of mind this giving season and all year long.