A Year End Gift From Your IRA
After years of contributing to tax-deferred IRAs, income tax is due on that money when you take withdrawals in retirement. Annual withdrawals from traditional retirement accounts are required after age 70 ½ ordinarily, but as part of the Covid-19 tax relief package, the RMD has been suspended this year. However, you are still able to take advantage of the Qualified Charitable Distribution (QCD) provision. This provision in the tax code can potentially reduce your tax bill and enable you to make a generous gift to St. Anthony’s Hospital Foundation.
What is a Qualified Charitable Distribution?
A qualified charitable distribution is an IRA withdrawal that is paid directly from your IRA to a qualifying charity. While income tax is normally due on each traditional IRA distribution, the account owner does not need to pay taxes on the amount transferred to charity. St. Anthony’s Hospital Foundation Inc. is a qualified public charity (501(c) 3 not-for-profit). Charitable contributions of up to $100,000 may be made.
For more information consult your tax accountant and your IRA administrator.
St. Anthony’s Hospital Foundation
1200 7th Avenue North
St. Petersburg, FL 33705
Tax ID #: 59-2128991