With a recent change in tax law, you can now give any amount (up to a maximum of $100,000 per person/per each spouse) per year from your IRA directly to a qualified charity such as Compassion Without Borders without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit. This useful option is called the IRA charitable rollover, also referred to as a qualified charitable distribution, or QCD. For donors at least 72 years old, QCDs count toward the IRA owner's required minimum distribution (RMD) for the year.
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You pay no income taxes on a QCD gift (though it is not a tax deduction)
Medicare premiums and Social Security tax liability may be positively affected by an IRA QCD – check with your tax advisor.
You can see your donation in action by making a living gift
If you are not yet at the age of penalty-free IRA donations, you can still designate Compassion Without Borders as beneficiary of all or part of your IRA and it will go to Compassion Without Borders tax-free upon your passing if you notify your IRA administrator of your wishes and/or complete the appropriate beneficiary form.
Speak with your financial planner, retirement advisor or tax consultant for details on donating from retirement savings during or after your lifetime.
IRA publication concerning QCD gifts current at time of this website publication:
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